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Gurit Adjusts Operating Profit Guidance for FY 2018 and Announces both Restructuring and Divestment of Composite Components business in 2019
Based on the recent business performance with continued losses in the Composite Components business, the Company revises its operating profit guidance down from the previously communicated mid-level of the 8-10% target range to an expected 6.5-7.5% operating profit margin range for the full year 2018. This is caused by higher losses and restructuring expenses in Composite Components compared to what was expected at half year 2018.
Without the losses in Composite Components, Gurit would have exceeded the margin guidance range of 8-10% in CY 2018 in its continued business.
Gurit has decided to restructure the Composite Components business and to concentrate the component manufacturing in Hungary in 2019. Moreover a divestment process for Composite Components has been initiated.
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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