Gurit has announced the acquisition of a 60% share of Fiberline Composites. Fiberline Composites, headquartered in Middelfart, Denmark, operates production sites in Denmark and China and employs around 300 employees.
The company serves wind turbine OEMs around the world. Founded in 1979, the company recently specialised in pultruded carbon and glass blade spar components and blade root inserts. Fiberline reached annual net sales of CHF 104 million in the calendar year 2021 and is expected to grow its business dynamically as pultruded carbon components are set to replace traditional glass infused spars in longer wind blades.
Gurit acquires a 60% equity share of Fiberline from the founding Thorning family for a purchase price of CHF 58 million and additionally approximately CHF 22 million of assumed gross debt for the whole company. Gurit has the right to purchase the remaining shares in the time period from 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.
