Gurit divests Winter Sport business

Gurit has divested is sintered Winter Sport business to Austrian firm CPS GmbH.

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Gurit Holding AG (Wattwil, Switzerland), a manufacturer of advanced composite materials, announced on July 23 that it has divested its remaining sintered Winter Sport business, effective retroactively to July 1, 2008. CPS GmbH (Uttendorf, Austria) has taken over the sintered plastics specialist Gurit (Vreden) GmbH in its entirety and has acquired and relocated some additional running base materials production equipment formerly based in Switzerland. At Gurit, these activities together have amounted to an annual sales volume of just more than CHF 10 million ($9.6 million USD).

Gurit notes that the winter sports material business is a competitive and consolidating market. With this step, Gurit will transfer its successful and profitable German winter sport activities to an industrial partner that will manage these activities as core business: "With its clear strategic focus on winter sports materials, CPS is the ideal new corporate home for our 30 colleagues at Vreden, our long-standing customer relations and the well-known sintered P-Tex running base materials for skis and snowboards," commented Rudolf Hadorn, CEO Gurit Holding AG. The parties involved have agreed not to disclose additional financial details of this transaction.