Gurit acquires majority share in Fiberline Composites A/S

On April 28 Gurit Holdings AG (Zurich, Switzerland) announced the acquisition of a 60% share of Fiberline Composites A/S (Middelfart, Denmark), a manufacturer of pultruded carbon and glass fiber products used in wind blade production. The signing took place on April 27, with closing expected before the end of May 2022.

Fiberline Composites operates production sites in Denmark and China and employs around 300 employees. The company serves major wind turbine OEMs around the world. Founded in 1979, the company recently specialized in pultruded carbon and glass fiber blade spar components and blade root inserts. Fiberline reached annual net sales of CHF 104 million (approx. $106 million) in 2021 and is expected to grow its business dynamically as pultruded carbon fiber components are set to replace traditional glass-infused spars in longer wind blades.

“We welcome our new colleagues from Fiberline Composites to the Gurit family,” Gurit CEO Mitja Schulz says. “The joint product portfolio and combined technology and innovation capabilities of both companies allows us to further strengthen our position as a one-stop shop and solution providers for our customers. This acquisition is an important step to fulfill the strategic goals defined in our ‘One Gurit Strategy 2025.’”

Gurit acquires a 60% equity share of Fiberline from the founding Thorning family for a purchase price of CHF 58 million (approx. $59 million) and additionally approximately CHF 22 million (approx. $22 million) of assumed gross debt for the whole company. Gurit says it has the right to purchase the remaining shares in the time period from fiscal year (FY) 2024 to 2025, at pre-defined commercial terms. Should Gurit at such time, however, decide not to acquire the remaining 40% of equity share, then the Thorning family has the right to sell the entire company in the market, alternatively. Further details on the transaction will be disclosed in Gurit’s half-year results.

The acquisition of Fiberline Composites A/S enhances Gurit’s current product offering into the Wind Energy market of tooling, core materials and core kitting with a relevant offering of pultruded carbon and glass fiber products. Gurit notes that pultrusion of carbon fiber is a rapidly growing key technology offering significant weight savings versus infused glass solutions and enables both stiffer and lighter wind blades for wind turbines that are growing in size.

The Fiberline Composites operations will form a new Gurit business unit called Structural Profiles. Operational synergies of co-locating the new Structural Profiles business with existing regional Gurit hubs will be exploited immediately, starting with manufacturing at the Gurit plant in India in the second half of 2022. 

“The use of pultrusion in wind turbine manufacturing is increasing rapidly, and the industry needs a strong supply chain,” Fiberline Composites A/S chairman Peter Thorning adds. “Integrating Fiberline Composites in the Gurit Group will strengthen the ability to serve our customers globally on a large scale, and we are convinced that the companies are stronger together.”

To introduce the Fiberline business in more detail and provide more background to the strategic rationale of the acquisition, Gurit will hold an Investor & Analyst conference call on May 10, 2022 at 9:00 a.m. CEST (3 a.m. EST), pending closure of the transaction. Financial Analysts and Media Representatives who wish to ask questions during the Q&A conference call may do so upon prior registration via email to investor@gurit.com.