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Teijin has completed the acquisition of all the shares of Continental Structural Plastics Holdings Corporation (CSP), a global leader in automotive lightweight composite technologies.
According to Teijin, this USD 825 million acquisition was completed on 3rd January 2017, Eastern Standard Time. It explains that, 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. Teijin claims that the CSP brand, which is well recognised 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 says it will realise significant materials synergies, with CSP, enabling the combined companies to utilise high-performance composites technologies including glass fibre reinforced thermosets and thermoplastics, carbon fibre, aramid fibres 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 expects to 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.
“The integration of CSP into the Teijin Group creates comprehensive opportunities for significant materials and development synergies,” says Jun Suzuki, President and CEO of Teijin. “The Teijin Group is now focused on establishing a platform for business development in automotive composite products, aiming to provide a wider range of solutions for automakers. We will accelerate the integration with CSP and shift towards becoming an enterprise that creates the value society needs.”
“Through this acquisition, CSP will be backed by the global resources we need to help us to meet the growing needs of our customers,” said Frank Macher, Chairman and CEO of CSP. “Teijin is committed to supporting our focus on innovation, and we look forward to combining our materials expertise to develop the next generation of lightweight materials for the global automotive industry.”
Image provided by Teijin
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