Teijin to Acquire Renegade and Expand Carbon Fiber Intermediate Material Business for Aerospace Applications
Tokyo, Japan --- Teijin Limited announced today that it has agreed to acquire Renegade Materials Corporation (Renegade), a leading North American supplier of highly heat-resistant thermoset prepreg for the aerospace industry. Renegade will become a wholly-owned subsidiary of Teijin.
The shares of Renegade will be purchased by Teijin Holdings USA Inc., the Teijin Group's holding company in the United States. The acquisition is anticipated to be completed this spring after customary closing conditions have been satisfied including receipt of regulatory approvals.
Teijin will benefit from Renegade's well-established proprietary technologies and solution capabilities in heat-resistant thermoset prepregs to expand its business in aerospace field including next-generation aircrafts' engine parts. Renegade's products will reach wider markets thanks to Teijin's expertise in carbon fibers and intermediate materials as well as its large product lineup and global sales network. Global marketing initiatives will be supported by Teijin's carbon fiber business, including Teijin Carbon Fibers, Inc., which plans to launch a new carbon fiber production facility in South Carolina by the end of FY 2020, Teijin Carbon America, Inc., a carbon fiber sales base in Tennessee, and Teijin Carbon Europe GmbH, a core company of the carbon fiber business in Europe.
Teijin is strengthening its carbon fiber and intermediate materials businesses to solidify its position as a leading provider of solutions for aerospace applications. Teijin is targeting annual sales in this field in excess of USD 900 million by around 2030.
Renegade's heat-resistant thermoset prepregs are well trusted by U.S. and European aircraft manufacturers and aircraft engine suppliers. The company was established in 1993 as a resin manufacturer and launched its thermoset prepreg business for aerospace applications under the Renegade brand in 2007. Headquartered in Miamisburg, Ohio, Renegade offers specialized knowhow in highly heat-resistant resins and provides unique thermal-cycle resistant prepregs incorporating highly heat-resistant polyimide resin made from low-toxicity raw materials.
Teijin is increasingly emphasizing strong, lightweight, high-performance materials that offer environmentally sensitive solutions for improved fuel efficiency. Teijin is focusing its carbon fiber business on the aircraft field, where it is rapidly developing midstream and downstream applications. A top supplier to world-leading aircraft makers for over 30 years, Teijin is noted for its TENAX carbon-fiber-filament yarn, which is used in primary and secondary structural parts for aircraft. The company is now leveraging its intermediate material and processing technologies for next-generation aircraft applications. TENAX carbon fiber and TENAX TPUD carbon-fiber thermoplastic unidirectional pre-impregnated tape were qualified by Boeing as advanced intermediate composite materials for primary structural aircraft parts.
"Demands for highly heat-resistant thermoset prepregs are increasing in the global aerospace industry," said Shukei Inui, General Manager of Teijin's Carbon Fibers Business Unit. "Renegade offers well-established technologies and sales channels in this field, so we expect this acquisition to help us expand our related applications development and global business."
About the Teijin Group Teijin (TSE: 3401) is a technology-driven global group offering advanced solutions in the areas of environmental value; safety, security and disaster mitigation; and demographic change and increased health consciousness. 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 170 companies and around 19,000 employees spread out over 20 countries worldwide. It posted consolidated sales of JPY835 billion (USD 7.6 billion) and total assets of JPY 986.2 billion (USD 9 billion) in the fiscal year ending March 31, 2018.