Gurit Takes BASF’s Italian PET Assets

Swiss composites producer Gurit has acquired BASF’s polyethylene terephthalate (PET) structural foam business for an undisclosed sum. The transaction comprises the German group’s PET operations in Volpiano, Italy, and its intellectual property. The Swiss group said the acquisition will strengthen its portfolio of structural core materials, with the Kerdyn brand reinforcing its offering to the wind, marine, transport and construction industries.

The deal also adds sizable European PET production capacity to the Watwil-headquartered firm’s existing operations in China. In addition, Gurit stands to gains significant extrusion process technology and innovation knowhow. The “special” extrusion process, for example, enables the production of high-performance PET foams with very high densities.

BASF’s speciality PET business acquired in March 2012 from Italian firm B.C. Foam has a turnover in the “low single digit million” Swiss francs. Gurit said it intends to integrate and further develop the Italian operations as part of its Composite Materials business unit. When buying the business, BASF said the acquisition would further strengthen its position as a leading foam provider and extend its product range for the growing global wind energy market. In the meantime, it seems to have determined the business to be non-core.