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Gurit Holding AG Thurgauerstrasse 54 8050 Zürich, Switzerland http://www.gurit.com
Contact Ms Tanja Moehler +41 44 316 15 55
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Gurit Holding AG

Gurit Enters into Balsa Wood Joint Venture in Java, Indonesia

(PresseBox) ( Zurich, Switzerland, )
Gurit (SIX Swiss Exchange: GUR), a worldwide leading developer and manufacturer of advanced composite materials, components and technologies, today announced that it has signed an agreement to form a joint venture for balsa wood production in Java, Indonesia.  

Under the terms of the agreement, Gurit will hold 55% and Mr. Setiyo Budi Nugroho will hold 45% of the shares in the newly founded company PT Gurit Parta Balsa, a manufacturer of balsa wood blocks based in Probolinggo, Java, Republic of Indonesia.

 

The joint venture foresees an exclusive supply agreement of balsa material from the plantations managed and owned by Mr. Setiyo Budi Nugroho into the joint venture, which will sell the products exclusively to Gurit for further processing and distribution.

 

The cooperation assures a strong, high-quality source of balsa wood from Java, Indonesia to the global Gurit customer base and leverages both parties` individual strengths – Mr. Setiyo Budi Nugroho as a leading foresting company in Java and Gurit as a leading balsa wood processor and business partner in the global wind energy and industrial balsa markets.

 

The JV partners have agreed to rapidly invest into the plantations and processing facilities during 2017/18 to accommodate anticipated business growth.

 

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.

Gurit Holding AG

The companies of Gurit Holding AG, Wattwil/Switzerland, (SIX Swiss Exchange: GUR) are specialized on the development and manufacture of advanced composite materials, related technologies and select finished parts and components. The comprehensive product range comprises fiber reinforced prepregs, structural core products, gel coats, adhesives, resins and consumables. Gurit supplies global growth markets with composite materials on the one hand and composite tooling equipment, structural engineering and select finished parts on the other. The global Group has production sites and offices in Switzerland, Germany, Hungary, Italy, Spain, the U.K., Poland, Canada, the U.S.A., Ecuador, Australia, New Zealand, India and China. For more information, please visit www.gurit.com

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The publisher indicated in each case is solely responsible for the press releases above, the event or job offer displayed, and the image and sound material used (see company info when clicking on image/message title or company info right column). As a rule, the publisher is also the author of the press releases and the attached image, sound and information material. The use of information published here is generally free of charge for personal information and editorial processing. Please clarify any copyright issues with the stated publisher before further use. In case of publication, please send a specimen copy to service@pressebox.de.