Selling composites on the Isle of Wight
22 Jul 2002
The Swiss industrial group Gurit-Heberlein has agreed to acquire the Isle of Wight (UK)-based SP Group, effective September 1st 2002.
The proposed cash and shares transaction was announced to the Swiss stock exchange on Friday 19th July 2002 by Gurit-Heberlein's CEO, Dr Rudolf Wehrli.
SP Systems manufactures a wide range of composite materials for many different composite processes. Its product range includes liquid epoxy resins, UV-stable epoxy gelcoats, structural adhesives, heavyweight carbon fibre and glassfibre prepregs, dry reinforcements. SP also manufactures the unique SPRINT products, which make composite components faster and less expensive to build.
The company will be the largest composites activity for Gurit, and will work alongside the other Gurit composite companies within Gurit Material Systems. The other composite companies are the Austrian-based IMS, specialists in prepregs for the ski and snowboard industries, AIK Elitrex and Stesalit, specialists in prepregs for aircraft interiors and Gurit Suprem, who have thermoplastic prepreg technology for a range of applications.
With the acquisition, Gurit will be positioned as one of the three largest producers of advanced composites worldwide. Besides a cash payment of £54 million, Gurit plans a 6% capital increase of 26,520 new Gurit bearer shares to finance the acquisition price of £75 million.
