Swiss chemicals and synthetics technology firm Gurit-Heberlein has announced it is to buy Britain's Structural Polymer Group for SFr172.5 million.

Gurit said the deal would make it one of the world's top three providers of advanced composite materials. It said the purchase price would be paid partly in cash, with the remainder settled in Gurit-Heberlein shares.

"This acquisition creates a new market leader in Europe," the company said in a statement on Friday. "Worldwide Gurit will position itself as one of the three largest producers of advanced composites."

Gurit, which provides synthetic materials to the healthcare, winter sports and aviation industries, had sales last year of SFr339 million. Structural Polymer - also known as SP - has annual sales of around £60 million (SFr136.5 million).

"Based on SP's double-digit EBIT margin, Gurit expects a positive contribution to group profit from this acquisition even in the first year," the Swiss company said.

Gurit said there was no market overlap between its activities and those of Isle of Wight-based SP, which manufactures composite materials for the wind energy generator industry and the marine and automotive business.

swissinfo

In compliance with the JTI standards

More: SWI swissinfo.ch certified by the Journalism Trust Initiative