Company spokesperson Bernhard Schweizer says Gurit hopes the deal will help it maintain its reputation as a key supplier of structural composites for the wind industry.

"China is a key market in this area, with a huge growth rate," he told European Plastics News. "The country's government also wants the turbine blades to contain a certain amount of local produced material."

Gurit is not disclosing the name of the company it is investing in or how much money will change hands.

"The deal still needs to be signed off by the Chinese government, which should take place in September this year," said Schweizer. "We will disclose more details then."

The new acquisition is based in Qingdao, Shandong province, and will be Gurit's second foray into China, he added. The firm already has a foam plant in Tianjin.