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Gurit has announced an updated financial outlook for 2021 as a result of the temporarily reduced demand for wind blades in China and the accelerating decrease in balsa demand. Gurit initiated corresponding restructuring and relocation measures. Furthermore, Gurit will adapt its organisation to strengthen the positioning as an solution provider to the wind turbine industry.
The company now does not expect a recovery of the Chinese wind energy market before 2022. It also experiences an accelerated decline in demand for balsa wood and other non-PET core materials.
For the year 2021, Gurit expects a revenue of around CHF 500 million and an operating profit margin of around 8% including restructuring charges. After the transition year 2021 Gurit expects the wind market to continue growing strongly.
While the company believes the slowdown in China is temporary, it also assumes that the trend to replace balsa and its replacement by PET is permanent. Gurit has therefore decided to exit its partnership for balsa wood production in Indonesia and to restructure and downsize its operation in Ecuador. Gurit is now announcing that it relocates its entire Kitting operation from the USA to Mexico to fully capitalise its co-location with PET production.
Gurit decided to merge the BU Kitting and BU Wind Materials into one organisation – BU Wind Systems. Andreas Kipker, currently Head of BU Kitting, has been appointed to lead this Business unit effective July 1, 2021. Ernst Lutz is being appointed as new Chief Technology Officer effective July 1, 2021. Ernst joined Gurit in September 2020 as Head of BU Wind materials.