Gurit acquires PET recycling operation in Italy

(PresseBox) ( Zurich, Switzerland, )
Gurit (SIX Swiss Exchange: GUR) today reports that its newly formed company Gurit Italy PET Recycling S.r.l. has signed an agreement  to acquire the PET recycling production facilities from Valplastic S.r.l. in Italy for an undisclosed purchase price. Closing of the transaction is expected at the end of May 2019 and is subject to customary closing conditions being fulfilled.

Gurit has and will continue to invest significantly into recycled PET core material production assets globally for Wind and Non-wind industry customers to cope with the material demand. In order to have sufficient feedstock of quality controlled and properly blended PET for the extrusion process, Gurit needs to have good access to this part of the value chain.

Valplastic is specialised in the recycling of PET bottles and the production of recycled PET-flakes and granules later used for extrusion of recycled PET core. The transaction will allow Gurit to secure quality and cost effective raw material supplies for its PET strategy and to link the value chain elements starting from the recycled bottle down to a finished quality core kit for the Wind blade making OEMs.

As part of the asset purchase agreement, Gurit acquires from the Italian company production equipment, working capital and its current staff of approx. 30 FTEs based in Carmignano di Brenta, Province of Padova, Italy.

Gurit will manage all operations under the Gurit brand name and will not acquire the Valplastic brand.

“With this transaction Gurit can connect the value chain from purchased recycled bottles out of the collection network down to a precision core kit for the global Wind OEMs. It allows Gurit to secure feedstock, quality of product through content control and strong cost competitiveness. We welcome the team in Carmignano to Gurit and look forward working all together to grow the recycled PET business as a sustainable product to serve the global Wind Energy Industry on its important mission” says Rudolf Hadorn, CEO of Gurit Group.

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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