Frankfurt am Main – Luther Rechtsanwaltsgesellschaft advised the listed Gurit Holding AG, headquartered in Wattwil (Switzerland), on the sale of its Aerospace business unit to Austrian Isovolta Group.
In the context of the cross-border transaction, Gurit sold the aerospace business activities concentrated in its German subsidiary Gurit (Kassel) GmbH to the Austrian Isovolta Group.
The signing of the purchase agreement and the closing of the transaction took place on the same day and became effective on 13 April 2022. The production of prepregs for the aerospace industry at the Kassel site, previously operated by Gurit, employs around 80 staff members. The parties have agreed not to disclose the purchase price. Agreements for the transition phase will allow for a smooth handover between the two companies. The sale of its aerospace activities is in line with Gurit's strategy to focus its business activities on the production of wind turbine rotor blades and on the marine and industrial markets that Gurit intends to strengthen further.
Luther's team comprised of professionals from various offices provided comprehensive transaction advice services to Gurit.
The internationally operating Gurit Group specializes in the development and manufacture of advanced composite materials, composite tooling equipment and core kitting services. The product range comprises structural core materials, fibre reinforced prepregs, formulated products such as adhesives, resins as well as structural composite engineering. Gurit supplies global growth markets such as the wind turbine industry, marine, architecture & building, transportation & rail and many more. Gurit operates production sites and offices in Australia, Canada, China, Denmark, Ecuador, India, Italy, Mexico, New Zealand, Poland, Spain, Switzerland, Turkey, United Kingdom and the United States.
Isovolta Group, based in Wiener Neudorf, Austria, is a leading international manufacturer of electrical insulating materials, technical laminates and composites, with a strong focus on aircraft interiors. The Austrian company employs a staff of about 1,500 and has production sites, amongst others, in Austria and the US.
On behalf of Gurit:
Luther, Tax: Ulrich Siegemund (Partner)
Luther, Foreign Trade Law/Investment Control: Dr Yuan Shen, LL.M. (Counsel)
Luther, Employment Law: Hans-Christian Ackermann (Partner,)
Gurit Inhouse: Valérie Collaudin (General Counsel)