Gurit Acquires PH Windsolutions

(PresseBox) ( Zurich, Switzerland, )
Gurit (SIX Swiss Exchange: GUR) today announced that it has signed an acquisition agreement with PH Windsolutions for an undisclosed purchase price.

The transaction comprises the business of PH Windsolutions Inc., based in Montreal, Canada, including its staff, operating assets and product IP in the form of an asset deal, as well as PH Windsolutions B.V., based in Oldenzaal, The Netherlands. The closing of the transaction is expected by the end of August 2017.

PH Windsolutions specializes in innovative wind blade mould automation systems of latest generation (mould turning systems, mould alignment and clamping systems, mould heating systems and shear web installation devices) and related installation and customer service. The company has also started to supply the aerospace industry with manufacturing automation systems.

Commenting on the acquisition agreement, Marc Robitaille, President of PH Windsolutions stated: "I am excited about the opportunities for the next level of automation development being presented by having direct access to the tool manufacturing team. This will result in further streamlining of the manufacturing process for our customers."

This acquisition is targeted at further strengthening the Gurit Tooling technology position with latest automation systems. It further widens the addressable customer base for Gurit in the wind and aerospace markets. It also helps to achieve full global presence for Gurit Tooling, especially in the American region with the new location in Montreal, Canada, on top of the existing Gurit Tooling presence in Taicang, China and in Szczecin, Poland. Most importantly it adds a highly qualified team to the Gurit Tooling organisation for the future development of this successful business of the Gurit Group.

"We are delighted by this opportunity that will further strengthen our market leading position in wind blade mould making and create added value for our customers worldwide," said Dr. Bing Chen, General Manager of Gurit Tooling.

Founded in 2008, PH Windsolutions currently employs 66 staff in total. The company generated a turnover of around CHF 12 million in 2016 with a strong year-on-year top-line growth. Gurit intends to integrate the acquired business activities into its Tooling Business Unit. The successful PH Windsolutions Management with Marc Robitaille as President and Ian Comishin as Director of Operation with their entire team are committed to staying with Gurit Tooling and jointly developing the combined business further with Dr. Bing Chen, General Manager of Gurit Tooling and his very successful team.

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 of publication 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.

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