Gurit Holding AG (Wattwil, Switzerland; www.gurit.com) announced that it has acquired BASF`s PET (polyethylene terephthalate) structural foam business for an undisclosed purchase 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 Gurit`s structural core material product range and add a sizeable European-based PET production capacity to the Company`s existing PET operations in China. The Kerdyn® product brand will reinforce Gurit`s PET product offering to the wind, marine, transport and construction industry. Additionally, Gurit 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.