Gurit acquires BASF’s PET business
The purchase will see Swiss-based Gurit increase its European-based PET production capacity to add to the company's existing PET operations in China.
Swiss-based composite materials and parts supplier Gurit has acquired BASF`s PET structural foam business for an undisclosed price.
The transaction comprises BASF`s PET operations in Italy, including its staff, operating assets and product IP in the form of an asset deal.
“This acquisition will strengthen [our] structural core material product range and add a sizeable European-based PET production capacity to [our] existing PET operations in China,” Gurit said in a statement. “The Kerdyn product brand will reinforce [our] PET product offering to the wind, marine, transport and construction industry. Additionally, [we] will gain significant extrusion process technology and product innovation know-how.”
Located in Volpiano, Italy, the BASF PET business generated a low single digit million Swiss Francs turnover in 2016. Gurit intends to integrate and further develop the new PET operations as part of its composite materials business unit.
Gurit is part of the Gurit Holding AG line of companies. The global Group has production sites and offices in Switzerland, Germany, Hungary, Italy, Spain, the U.K., Poland, Canada, the U.S.A., Brazil, Ecuador, Australia, New Zealand, India and China.