The acquisition brings together Gurit’s SP brand marine composites engineering and materials business with High Modulus’ marine expertise and geographic presence.

The combined entity will be called SP/HighModulus. The acquisition price has not been disclosed.

High Modulus, headquartered in Auckland, New Zealand, has subsidiaries and offices in Australia, the UK, the USA, and Singapore, and employs over 70 people worldwide.

Gurit's SP business is headquartered on the Isle of Wight, UK.

All of the High Modulus management team and marine experts will join SP/HighModulus. Paul Goddard, CEO of High Modulus, will oversee Gurit’s Asia/Pacific market, while Richard Downs-Honey, co-owner of High Modulus, will be instrumental in developing the B3 SmartPac business (an optimised boat building package). Graham Harvey, General Manager Marine at Gurit, will head the combined SP/HighModulus marine business.

“Combining Gurit’s SP-branded marine engineering and materials business with High Modulus’ renowned engineering and well-established B3 SmartPac materials solution will create a convincing offer for the global marine market,” says Graham Harvey.

“By joining forces, SP/HighModulus is now well placed to offer additional momentum to the recovering boat building sector,” adds Paul Goddard.