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3rd October 2018, Zurich

Gurit acquires JSB Group

JSB is headquartered in Ringkøbing, Denmark, where it has one of seven kitting operations. © JSBZurich-headquartered Gurit is to acquire JSB Group, a market leader in core material kits for wind turbine blades, from private equity fund VC VIII JSB Holding, for DKK 520 million, subject to select closing conditions.

JSB is headquartered in Ringkøbing, Denmark, where it has one of seven kitting operations, with others being in Spain, Turkey, the USA, China and a new facility planned to be built in Mexico.

Effective kit design capability, high quality and precision manufacturing of kits with purpose-built manufacturing equipment and customer proximity form JSB Group`s unique position in the market.

JSB employs some 560 employees and expects to generate an annual turnover of around 120 million Swiss francs in 2018. The company is managed by a team of wind energy industry experts under the leadership of CEO Frank Virenfeldt Nielsen.

Gurit holds a leading global market position in wind core materials and the acquisition of JSB Group’s downstream core kitting operations complements its full range of Kerdyn Green PET, Balsaflex balsa wood, Corecell SAN and PVC structural core materials. It will allow the company to offer wind energy OEMs a full solution of structural core materials, core material kits and wind turbine blade moulds, each with market leading positions.

The goal of the acquisition is to join value chain steps in the supply of the global wind energy industry and thus reduce cost and increase supply chain effectiveness in the respective regions for regional use. This will ultimately improve cost competitiveness for customers.

The JSB operations will form a new Gurit business unit for kitting solutions – the established and trusted name JSB will be retained as a product brand. Operational synergies will be exploited starting from 2019.

“This is another milestone in our corporate strategy to significantly enhance the Gurit wind energy business globally towards market leading positions in the areas in which we operate,” says Gurit CEO Rudolf Hadorn. “Adding JSB Group’s offering and expertise to our existing range clearly takes us a big step further in supporting our wind energy customers with smart, tailored and regionally accessible solutions.”

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