Gurit sells Aerospace business to Isovolta
Divestment to the Austrian composites manufacturer will enable Gurit to focus its activities on strengthening wind, marine and industrial markets.
Photo Credit: Getty Images
Gurit Holdings AG (Zurich, Switzerland) has announced the sale of its Aerospace business to Isovolta Group (Niederösterreich, Austria), a manufacturer of composites. The signing and closing of the transaction took place concurrently and become effective as of April 13, 2022.
The divestment of the Aerospace business is in line with Gurit’s strategy to focus its activities on the wind, marine and industrial markets, which the company intends to strengthen further.
“We are glad that we have found a new owner that offers our Aerospace business the continued opportunity of further growth and strategic development,” Gurit CEO Mitja Schulz states. “We are convinced that the sale to Isovolta is an excellent solution for both our aerospace employees and customers.”
The aerospace prepreg production site in Kassel, Germany, employs 80 staff members. A transitional support agreement will enable a smooth handover between the two companies.
Isovolta Group is an international manufacturer of electrical insulating materials, technical laminates and composites, with a strong focus on aircraft interiors. The Austrian company employs a staff of about 1,500 and has production sites, amongst others, in Austria and the U.S.
Considering this transaction, Gurit now expects its 2022 revenue to be around CHF 410-450 million and an operating profit margin between 5.5% and 8.0%. The company will provide more details on the financial impact of this transaction in its half-year results.
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