Swiss advanced composites developer and producer Gurit (Wattwil; www.gurit.com) has acquired its composite engineering and materials competitor High Modulus (Auckland / New Zealand; www.high-modulus.com) for an undisclosed amount.

Gurit said the acquisition was in line with its strategy to establish a leadership position in its target market niches, in this case marine composite engineering. The Swiss company intends to merge High Modulus’ experience and geographic location – the company employs more than 70 people worldwide at subsidiaries in Australia, the UK, the US and Singapore – with its own SP marine engineering and materials business into a new company called SP/High Modulus. In so doing, Gurit is also interested in acquiring High Modulus’ B³ SmartPac engineered construction solution, which makes boat-making easier and more cost-effective.

As part of the deal, High Modulus’ entire management and all its marine experts will join SP/High Modulus, which will be headed by Graham Harvey, general manager marine at Gurit.

In its financial report on H1 2009, Gurit reported a significant sales drop in the marine industry but said it was in the process of developing new products and was hopeful that the market would recover by 2011 – see Plasteurope.com of 21.09.2009.