Gurit Holding AG (GURN.SW) said on Monday that it inked a multi-year contract for the supply of its Corecell structural foam core to the subsea industry. The agreement is expected to generate low to mid double-digit million Swiss francs in sales over the next five years, it added.
The Swiss supplier of advanced composite materials said that to facilitate this contract, it will open a new facility near Brisbane, Queensland, thus relocating its present distribution site there. This move will also help in expanding the company presence in the Asia-Pacific region, mainly Australia.
Commenting on the deal, Lance Hill, General Manager Marine & Industrial, Gurit, said, "This major contract marks a significant step in Gurit's ongoing strategic realignment, accelerating our transformation into a dynamic, multi-market company. This long-term partnership demonstrates our commitment to diversification beyond traditional markets, leveraging our expertise in advanced composites solutions to capture new opportunities across multiple industries."
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