Gurit divests remaining Swiss winter sport business

GURIT IS divesting the remaining part of its winter sport business in Worb, Switzerland, to French group Socrep as profitability fails to reach sufficient levels of profitability despite downsizing last winter.

As a result of the winter sports business failing to show the same growth as other sectors, Gurit is divesting both its customer portfolio as well as the majority of the machinery. Socrep will relocate machinery and production to France, closing the Worb site resulting in potential loss of 37 jobs in Worb. The empty buildings will be sold separately by Gurit.

The Swiss company will receive a low single-digit million CHF amount as proceeds from the transaction, which is expected to be closed by the end of August 2008. It will also incur a similarly low single-digit million CHF amount of additional restructuring costs.

At the same time as phasing out the production of extruded winter sport materials in Switzerland, Gurit says it is seeking strategic solutions for production of sintered running bases located in Vreden, Germany.

Gurit; www.gurit.com

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