Ad hoc media release
Gurit sells Automotive Business to Carbopress
Zurich, February 11, 2020 - Gurit (SIX Swiss Exchange: GUR) announces the sale of the full equity in Gurit Hungary Kft to Carbopress S.p.A., an Italian based advanced composite parts manufacturer.
On October 29th, 2019 Gurit announced to close the automotive business in summer 2020 following a divestment process which did not result in a transaction. Subsequently, Carbopress expressed interest in acquiring the business which lead ultimately to the sale.
The signing and closing of the transaction occurred concurrently. The parties have agreed silence over the selling price. Gurit Hungary employs 144 staff members. The transaction is P&L and cash neutral to Gurit.
Gurit CEO Rudolf Hadorn states: "It is positive that we could find a solution for the employees and the customers".
Carbopress S.p.A. is an advanced composites manufacturing company with global activities, especially in the automotive industry.
About Gurit:
The subsidiaries of Gurit Holding AG, Wattwil/Switzerland, (SIX Swiss Exchange: GUR) are specialized on the development and manufacture of advanced composite materials, composite tooling and core kitting services. The comprehensive product range comprises structural core materials, fibre reinforced prepregs, formulated products such as adhesives, resins and structural composite engineering. Gurit operates production sites and offices in Canada, China, Denmark, Ecuador, Germany, Indonesia, India, Italy, Mexico, New Zealand, Poland, Spain, Switzerland, Turkey, United Kingdom and the United States.
www.gurit.com
Gurit Group Communications
Thomas Nauer
Phone: +41 44 316 15 55
E-mail. thomas.nauer (at) gurit.com
All trademarks used ormentioned in this release are protected by law.
Forward-looking statements:
To the extent that this announcement contains forward-looking statements, such statements are based on assumptions, planning and forecasts at the time ofpublication of this announcement. Forward-looking statements always involve uncertainties. Business and economic risks and developments, the conduct of competitors, political decisions and other factors may cause the actual results to be materially different from the assumptions, planning and forecasts at the time of publication of this announcement. Therefore, Gurit Holding AG does not assume any responsibility relating to forward-looking statements contained in this announcement.
