Gurit to close its automotive production site in Hungary mid-2020

(WK-intern) – Gurit (SIX Swiss Exchange: GUR) announces to close its automotive production site in Hungary in 2HY 2020.

As communicated on December 19, 2018, Gurit decided to divest its Composite Components Business.

Despite professionally executed divestment efforts no suitable buyer could be found. Therefore, Gurit decided now to close the plant mid-2020 under its own Management.

Gurit will make every effort to assist the affected staff and will provide separation support at the point of the plant closing mid-2020. Gurit is in contact with the customers to re-assign the residual production orders to other suppliers.

The operational performance of the site has meanwhile significantly improved in recent months. Shut-down cost is estimated at a low single digit million amount affecting the years 2019 and 2020.

About Gurit:

The subsidiaries of Gurit Holding AG, Wattwil/Switzerland, (SIX Swiss Exchange: GUR) are specialized on the development and manufacture of advanced composite materials, related technologies and select finished parts and components. The comprehensive product range comprises fibre reinforced prepregs, structural core products, gel coats, adhesives, resins and consumables. Gurit supplies global growth markets with composite materials on the one hand and composite tooling equipment, core material wind turbine blade kits, structural engineering and select finished parts on the other. Gurit operates production sites and offices in Canada, China, Denmark, Ecuador, Germany, Hungary, Indonesia, India, Italy, Mexico, New Zealand, Poland, Spain, Switzerland, Turkey, United Kingdom and the United States.

www.gurit.com

PR: Gurit Group Communications