Gurit has signed an agreement to acquire Suzhou Red Maple Wind Blade Mould Co. Ltd., Taicang, Jiangsu/China, by taking over the entirety of its parent company Cheer Tech Investment Limited, Hong Kong, from Windy Shore Holdings Limited, British Virgin Islands.
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The acquisition is expected to be closed before year-end 2009 and will allow Gurit to substantially increase its strategic technology and product offering in the rapidly growing Wind Energy market, especially in Asia. Gurit will leverage its newly gained position in mould manufacturing first to continue to support the Asian wind turbine blade manufacturers market. Based on quality and economies of scale, Gurit then plans to expand the mould offering globally, supported by its existing worldwide distribution network and composite technology basis. The acquisition price is in the range of CHF 40 million consisting of an initial payment and performance based installments over the next three years. The new business will be immediately accretive to Gurit earnings.