Gurit acquires balsa material producer Balseurop

ZURICH, Switzerland — Gurit has signed a contract to acquire the Spanish balsa material producer Balseurop. The transaction is divided into a purchase of a majority stake now, followed by performance-based installments during the coming years.

The total purchase price is approximately $28 million.

The privately owned Balseurop operates its own processing factory in Ecuador. The company is expected to exceed sales of $32.6 million in 2011. Having built a trading position in balsa wood over the past two years, Gurit says this acquisition concludes the strategic expansion of its core material offering for the wind energy and marine markets.

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