Gurit today announced that it has acquired BASF`s PET 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.
“We would like to welcome the BASF team in Volpiano to Gurit and look forward to dynamically developing the site and business together,” says Rudolf Hadorn, CEO of Gurit.
Source: Gurit
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The challenges facing the European chemical industry, particularly in Germany, have compelled the world’s largest chemical maker to rethink its scale and diversified approach. BASF has announced a strategic shift, splitting its portfolio into “core” and “standalone” businesses.
