Gurit Announces a Strong start for 2014 [Global Data Point]
(Global Data Point Via Acquire Media NewsEdge) Gurit Composite Systems and Engineering more than doubled sales over Q1 2013 by 123% to CHF 17.6 million, and grew by 4.1% over Q4 2013, mainly as the result of ongoing strong sales in Tooling.
Gurit Composite Materials: Q1 2014 confirms the ongoing sales recovery which started in the second half of 2013. Sales to the American Wind Energy market continued at a good level thanks to the lasting effect of the US production tax credit subsidies. In addition, Gurit has won several significant projects with European boat builders, reflecting the Group's competitive edge in the again growing Marine market.
Gurit Composite Systems and Engineering: The Tooling business successfully maintained the high sales level achieved in Q4 2013, benefitting from strong shipments to South America and Europe as well as to the domestic Chinese market. The Automotive business grew 45% compared with Q1 2013, and thus kept up the pace of the last quarter of 2013. The automated press technology project start up is developing as planned. Finally, sales of Engineered Structures continued to grow double digit, driven by the successful bus component business.
The Annual General Meeting held today at Pfäffikon/SZ approved all motions formulated by the Board of Directors: Gurit will thus pay out CHF 7.50 per listed bearer share out of reserves from capital contributions; this payment is exempt from withholding tax. Gurit bearer shares will be traded ex-dividend as from Monday April 14, 2014 (ex-dividend date). The positions entitled to dividend payments will be recorded on Wednesday April 16, 2014 (record date) and the payments will be made on Thursday April 17, 2014 (payment date). The Annual General Meeting elected Dr Stefan Breitenstein as a new member of the Board of Directors. All proposed amendments to the Articles of Association and all proposals regarding the remuneration of the Board of Directors and Group Management were also approved.
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