Gurit reports that its newly formed company Gurit Italy PET Recycling S.r.l. has signed an agreement to acquire the PET recycling production facilities from Valplastic S.r.l. in Italy for an undisclosed purchase price. Closing of the transaction is expected at the end of May 2019 and is subject to customary closing conditions being fulfilled.
Gurit has and will continue to invest significantly into recycled PET core material production assets globally for Wind and Non-wind industry customers to cope with the material demand. In order to have sufficient feedstock of quality controlled and properly blended PET for the extrusion process, Gurit needs to have good access to this part of the value chain.
Valplastic is specialised in the recycling of PET bottles and the production of recycled PET-flakes and granules later used for extrusion of recycled PET core. The transaction will allow Gurit to secure quality and cost effective raw material supplies for its PET strategy and to link the value chain elements starting from the recycled bottle down to a finished quality core kit for the Wind blade making OEMs.
As part of the asset purchase agreement, Gurit acquires from the Italian company production equipment, working capital and its current staff of approx. 30 FTEs based in Carmignano di Brenta, Province of Padova, Italy.
Gurit will manage all operations under the Gurit brand name and will not acquire the Valplastic brand.