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Gurit acquires majority stake in China Techno Foam Co Ltd

Gurit has confirmed the closing of the acquisition of a majority stake in Chinese structural foam company China Techno Foam Co Ltd.

China Techno Foam Co Ltd, located in Tsingdao, will primarily produce polyvinyl chloride (PVC) foam core material products for the wind turbine blade market in China. Wind energy is Gurit's largest market.

Gurit, the composite materials and technologies supplier headquartered in Switzerland, has acquired a 66% stake in the Chinese company from Japanese organisations Daiwa Seisakusho Corporation and Hiromoku Giken Co Ltd. A minority interest remains with Japanese companies Daiwa Seisakusho Corporation and Japan Foam And Composites Incorporated.

Gurit says the deal closed on 1 October 2009, with the payment of an undisclosed “low single digit CHF million transaction.”

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