Gurit acquires its competitor High Modulus

Gurit (SIX Swiss Exchange: GUR), has acquired its composite engineering and materials competitor High Modulus, headquartered in Auckland, New Zealand.

SP Gurit acquires High Modulus

SP Gurit acquires High Modulus

Combining Gurit’s SP-branded marine engineering and materials business with High Modulus’ experience, its B3 SmartPac solution and geographic presence makes the combined entity – SP/HighModulus – a truly market-leading marine composite engineering and materials expert as the global boat building market starts to gradually recover.

In line with the Group Strategy to build leading market positions in its target market areas, Gurit has acquired the business of its composite engineering and materials competitor High Modulus. Headquartered in Auckland/New Zealand and with subsidiaries and offices in Australia, the United Kingdom, the USA, and Singapore, High Modulus employs over 70 people worldwide. All of High Modulus’ renowned management team and marine experts will join Gurit to create the new powerful entity SP/HighModulus.

Paul Goddard, CEO of High Modulus, will continue to oversee Gurit’s Asia/Pacific market, while Richard Downs-Honey, Co-owner of High Modulus, will be instrumental in developing the B3 SmartPac business. Graham Harvey, General Manager Marine at Gurit, will be at the helm of the combined SP/HighModulus marine business as it enters this exciting new phase. Graham Harvey commented on the transaction: “Combining Gurit’s SP-branded marine engineering and materials business with High Modulus’ renowned engineering and well-established B3 SmartPac materials solution will create a convincing offer for the global marine market.” Paul Goddard added: “By joining forces, SP/HighModulus is now well placed to offer additional momentum to the recovering boatbuilding sector.”

The B³ SmartPac comprises optimized structural design, with pre-cut reinforcements and core materials, to reduce complexity and cost in production boatbuilding.

Focusing on race boats, super sailing and motor yachts as well as high-end production boats, Gurit also leverages the structural engineering know-how of SP/HighModulus into its other Group activities. The medium single-digit million Swiss franc acquisition price of the transaction was not disclosed.