Tokyo, Japan – Teijin Ltd. 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 on January 3.
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 $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 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.”
Source: Teijin Group