Gurit (Wattwil, Switzerland) on Dec. 8 announced it 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 Ltd., (Hong Kong), from Windy Shore Holdings Ltd. (British Virgin Islands). 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.
The Wind Energy market in Asia, and China in particular, continues to grow rapidly. In contrast to the rest of the world, the Chinese wind turbine market uses predominantly infusion technology, and similar blade designs. By signing an agreement to acquire Suzhou Red Maple Wind Blade Mould Co. Ltd, Gurit acquires what is said to be the market-leading Chinese producer of wind turbine blade molds.
Suzhou Red Maple has 500 employees and annual sales of about $29 million in 2009. The acquisition price is in the range of $38.8 million. With this acquisition, China becomes Gurit’s largest manufacturing base worldwide with more than 800 people employed in Taicang, Tianjin, and Quingdao. Suzhou Red Maple’s management team led by Gabriel Mironov, who will continue to run the operation. Mironov, a Canadian citizen, is appointed general manager of the new Composite Process Equipment market area.