Tokyo-based Teijin Ltd. has announced that it has completed the acquisition of all the shares of Continental Structural Plastics Holdings Corp. (CSP), a global leader in automotive lightweight composite technologies. This $825 million acquisition was completed Jan. 3, 2017.
CSP 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, the companny 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.
As a wholly owned subsidiary of Teijin, CSP will remain an autonomous operation, with its management team maintaining the decision-making ability necessary to operate effectively in the automotive industry, Teijin says.
Frank Macher remains chairman and CEO, and Eric Haiss, former vice president of Teijin Advanced Composites America, will be appointed 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, Teijin says.
Through this acquisition, the Teijin Group says it will realize significant materials synergies, enabling the combined companies to use high-performance composites technologies, including glass-fiber-reinforced thermosets and thermoplastics, carbon fiber, aramid fibers and multimaterial 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 says it 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 $2 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 Ltd. “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,” says Macher. “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.”
Teijin’s main fields of operation are high-performance fibers, such as aramid, carbon fibers and composites, health care, films, resin and plastic processing, polyester fibers, products converting and information technology. The group has some 150 companies and 16,000 employees in more than 20 countries worldwide.