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Continental Structural Plastics (CSP) has signed an agreement to acquire the composites operations of Magna Exteriors.
According to CSP this acquisition will make CSP the world’s largest sheet moulding composites (SMC) compounder and manufacturer and includes the assets of five Magna facilities located in North America.
“This acquisition further demonstrates our commitment to become the global leader in light-weighting solutions,” said Frank Macher, Chairman and CEO of CSP. “The incremental capacity and resources gained position us extremely well for on-going growth and the ability to pursue a number of new business opportunities.”
The company state that under the terms of the agreement, CSP will acquire Magna Composites manufacturing facilities located in Lenoir, Newton, and Salisbury, North Carolina; and Saltillo, Mexico, and a compounding facility located in Grabill, Indiana, US.
“We have a solid foundation upon which we are building a bigger, more competitive company,” Macher added. “Through this acquisition, we gain significant heavy truck and consumer products expertise, as well as an expanded manufacturing footprint and broad range of manufacturing and technical capabilities.”
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