MOSCOW (MRC) -- Teijin Ltd. (Toyko)has agreed to sell its entire stake in GH Craft Co., a subsidiary of Teijin’s composites business in Japan, to TIP Composite Co., Ltd., a manufacturer headquartered in Matsumoto City, Japan, said Chemengonline.
Teijin acquired GH Craft in July 2008 as part of its downstream strategy. GH Craft is involved in the design, prototyping and evaluation of composites materials, with focus on highly demanding applications in the aerospace, railway and automotive industries.
TIP composite manufactures and sells composite materials for a wide range of industries. TIP composite has already collaborated on selected projects with GH Craft. Now, by obtaining GH Craft’s knowledge and technology, TIP composite is expected to grow its business significantly. The share transfer is scheduled for September 7, 2023. The impact of this transaction on Teijin’s consolidated financial results for the fiscal year ending March 31, 2024, is expected to be minor.
We remind, Teijin Frontier Co., Ltd., the Teijin Group’s fibers and products converting company, announced it has developed a new foreign material removal technology to eliminate polyurethane (PU) elastomer fiber from discarded polyester apparel. The technology features a new processing agent used during the pretreatment phase of the chemical recycling process, which helps improve the quality of the recycled polyester fiber that is derived from clothing containing PU elastomer fiber.