Gurit has reported that its newly formed company Gurit Italy PET Recycling has signed an agreement to acquire the PET recycling production facilities from Valplastic in Italy for an undisclosed purchase price. Valplastic is specialised in the recycling of PET bottles and the production of recycled PET-flakes and granules later used for extrusion of recycled PET core.
The transaction will allow Gurit to secure raw material supplies for its PET strategy and to link the value chain elements starting from the recycled bottle down to a finished core kit for the wind blade making OEMs. As part of the asset purchase agreement, Gurit acquires from the Italian company production equipment, working capital and its current staff of approximately 30 FTEs based in Carmignano di Brenta, Province of Padova, Italy. Gurit will manage all operations under the Gurit brand name and will not acquire the Valplastic brand. Closing of the transaction is expected at the end of May 2019 and is subject to customary closing conditions being fulfilled.
