Gurit Holding AG will close its automotive production site in Hungary in second half of 2020. The Switzerland-based company said it is in contact with the customers to re-assign the residual production orders to other suppliers. Shut-down cost is estimated at a low single digit million amount affecting the years 2019 and 2020, Gurit said.

 

"As communicated on December 19, 2018, Gurit decided to divest its Composite Components Business. Despite professionally executed divestment efforts no suitable buyer could be found. Therefore, Gurit decided now to close the plant mid-2020 under its own Management," a company statement said.

 

"Gurit will make every effort to assist the affected staff and will provide separation support at the point of the plant closing mid-2020. The operational performance of the site has meanwhile significantly improved in recent months," the statement added.

 

The subsidiaries of Gurit Holding are specialised on the development and manufacture of advanced composite materials, related technologies and select finished parts and components. Gurit operates production sites and offices in Canada, China, Denmark, Ecuador, Germany, Hungary, Indonesia, India, Italy, Mexico, New Zealand, Poland, Spain, Switzerland, Turkey, United Kingdom and the US.