Zurich, Switzerland-based Gurit Holding AG, the composite parts and components group, has announced that it has acquired BASF SE's PET structural foam business for an undisclosed amount.
The asset deal includes BASF's PET operations in Volpiano, Italy, including its staff, operating assets and product IP. The PET operation saw sales in the region of a low single digit million of Swiss Francs in 2016. Swiss Francs are near parity with U.S. dollars.
The acquisition will see Gurit increase its European-based PET production capacity to add to the company's existing PET operations in China. It will also add the Kerdyn product brand to Gurit's PET product offering to the wind, marine, transport and construction industries.
"We would like to welcome the BASF team in Volpiano to Gurit and look forward to dynamically developing the site and business together," said Rudolf Hadorn, CEO of Gurit.
Gurit states that it will integrate and further develop the new PET operations as part of its Composite Materials business unit.
Gurit currently has production sites and offices in Switzerland, Germany, Hungary, Italy, Spain, the United Kingdom, Poland, Canada, the U.S., Brazil, Ecuador, Australia, New Zealand, India and China.