Swiss company Gurit acquired the marine composite engineering and materials company High Modulus. Terms of the transaction were not disclosed.
Headquartered in New Zealand, High Modulus has subsidiaries and offices in Australia, the United Kingdom, the United States and Singapore.
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.
Graham Harvey, general manager marine at Gurit, will lead the combined SP/High Modulus 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," Harvey said.