A WORLDWIDE company which has a factory on the Isle of Wight has announced a restructure.

Gurit, which operates on the Island from St Cross Business Park in Newport, has announced that it is concentrating its component manufacturing in Hungary in 2019 following continued losses in its composite components business.

The County Press has asked Gurit for a statement regarding the situation at the Isle of Wight base.

A statement released this morning, from Switzerland, said: "Based on the recent business performance with continued losses in the composite components business, the company revises its operating profit guidance down from the previously communicated mid-level of the 8-10 per cent target range to an expected 6.5-7.5 per cent operating profit margin range for the full year 2018.

"This is caused by higher losses and restructuring expenses in composite components compared to what was expected at half year 2018.

"Without the losses in composite components, Gurit would have exceeded the margin guidance range of 8-10 per cent in CY 2018 in its continued business.

"Gurit has decided to restructure the composite components business and to concentrate the component manufacturing in Hungary in 2019. Moreover a divestment process for composite components has been initiated."