MOSCOW (MRC) -- Teijin Limited has announced that it has completed the USD825 million acquisition of all the shares of Continental Structural Plastics Holdings Corporation (CSP), a global leader in automotive lightweight composite technologies, as per the company's press release.
As a wholly-owned subsidiary of Teijin, CSP will remain an autonomous operation, with CSP’s management team maintaining the agility and decision making ability necessary to operate effectively in the automotive industry. Frank Macher remains as Chairman and CEO, and Eric Haiss, former Vice President of Teijin Advanced Composites America will be appointed as Executive Vice President. The CSP brand, which is well recognized in the North American marketplace for award-winning materials and products, will be maintained as the company further strengthens its global capabilities.
Through this acquisition, the Teijin Group will realize significant materials synergies, with CSP, enabling the combined companies to utilize high-performance composites technologies including glass fiber reinforced thermosets and thermoplastics, carbon fiber, aramid fibers and multi-material hybrid composite solutions. These materials will be used to manufacture a range of lightweight components including Class A body panels, pickup boxes, battery carriers and a number of structural applications that will help the global automotive industry meet design and regulatory challenges.
The Teijin Group will enhance its global development capabilities as a solution provider, allowing the combined business to better address the requirements of global automakers. The automotive composite products business of the Teijin Group is targeting annual sales of USD 2.0 billion by 2030.
We remind that, as MRC informed before, in late 2015, Teijin shut down its polycarbonate (PC) resin plant in Singapore, which lacked competitiveness in terms of energy costs, and put the industrial facility on Jurong Island up for sale through an expression of interest. The Singapore plant had 225,000 t/y of polycarbonate (PC) capacity.
For more than 40 years, Continental Structural Plastics has provided leading-edge technologies in lightweight materials and composite solutions for the automotive, heavy truck, HVAC and construction industries. Headquartered in Auburn Hills, Michigan, CSP provides full-service engineering support, and holds more than 50 patents covering materials development and manufacturing processes in composite materials formulation, design and manufacturing technologies. The company has operations on three continents and has more than 3,300 employees.
Teijin is a technology-driven global group offering advanced solutions in the areas of sustainable transportation, information and electronics, safety and protection, environment and energy, and healthcare. Its main fields of operation are high-performance fibers such as aramid, carbon fibers & composites, healthcare, films, resin & plastic processing, polyester fibers, products converting and IT. The group has some 150 companies and around 16,000 employees spread out over 20 countries worldwide. It posted consolidated sales of JPY790.7 billion (USD 7.4 billion) and total assets of JPY 823.4 billion (USD 7.7 billion) in the fiscal year ending March 31, 2016.
MRC