Tokyo, Japan, January 5, 2017 --- Teijin Limited announced today that it has completed the acquisition of all the shares of Continental Structural Plastics Holdings Corporation (CSP), a global leader in automotive lightweight composite technologies. This USD 825 million acquisition was completed on 3 January, Eastern Standard Time.
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 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 Limited. “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.”
About Continental Structural Plastics
For more than 40 years, Continental Structural Plastics 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, CSP 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.
About the Teijin Group
Teijin (TSE: 3401) is a technology-driven global group offering advanced solutions in the areas of sustainable transportation, information and electronics, safety and protection, environment and energy, and healthcare. Its main fields of operation are high-performance fibers such as aramid, carbon fibers & composites, healthcare, films, resin & plastic processing, polyester fibers, products converting and IT. The group has some 150 companies and around 16,000 employees spread out over 20 countries worldwide. It posted consolidated sales of JPY790.7 billion (USD 7.4 billion) and total assets of JPY 823.4 billion (USD 7.7 billion) in the fiscal year ending March 31, 2016.
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It is subject to change without prior notice.