Gurit to divest composites components business

Gurit has decided to restructure its composite components business and has begun a divestment process for business unit.

Gurit (Wattwil, Switzerland) announced Dec. 19 it has decided to restructure its composite components business and to concentrate the component manufacturing in its Hungary location in 2019. A divestment process for composite components has been initiated.

The decision is based on the recent business performance with continued losses for the company in the composite components business. Gurit’s operating profit margin for 2018 is now expected to come in at 6.5-7.5 % of net sales when it was expected to be at an 8-10% target range. The revaluation was caused by higher losses and restructuring expenses in composite components compared to what was expected at half year 2018.