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Tokyo-based high-performance fiber developer Teijin Ltd. will acquire Continental Structural Plastics Holdings Corp. (CSP), an automotive composite supplier in North America, for $825 million. CSP will become a wholly owned subsidiary of Teijin. Through this acquisition, Teijin intends to establish the foundations of an automotive composite products business in North America.
Headquartered in Auburn Hills, Mich., CSP provides holds more than 50 patents covering materials development and manufacturing processes in composite materials formulation and design. Shares of CSP will be purchased by Teijin Holdings USA Inc., the Teijin Group’s holding company in the United States. The acquisition is scheduled to be completed in December 2016 after satisfaction of customary closing conditions, including regulatory approval.
CSP manufactures thermoset composites for the automotive industry and is the world’s largest sheet molding compound (SMC) manufacturer for automakers. Since its establishment in 1969, CSP has provided technologies in lightweight materials and composite solutions, such as glass-fiber reinforced plastic for the automotive industry.
Teijin is a technology-driven global group offering 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 and composites, healthcare, films, resin & plastic processing, polyester fibers, products converting and IT.