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Teijin Buys Continental Structural Plastics for $825 Million
Japan’s Teijin Ltd. has agreed to purchase U.S. composites specialist Continental Structural Plastics (CSP) Holding Corp. for $825 million.
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Japan’s Teijin Ltd. has agreed to purchase U.S. composites specialist Continental Structural Plastics (CSP) Holding Corp. for $825 million.
Following the acquisition, which is expected to be completed by year-end, Auburn Hills, Mich.-based CSP, will become a subsidiary of Teijin. The deal nullifies CSP’s previously announced plans to explore a potential joint venture with Mitsubishi Rayon Co.
CSP operates 14 facilities locations globally, including 11 in the U.S. and one each in China, France and Mexico. The company is not affiliated with supplier giant Continental AG.
Teijin says CSP’s expertise in thermoset composites complements its own thermoplastics business. Formed in 1969, the U.S. company holds more than 50 patents and is the world’s largest sheet molding compound manufacturer for the auto industry. It posted sales of more than $634 million last year.
With annual sales of nearly $8 billion, Teijin is the world's fifth-largest producer of carbon fiber. It supplies products for the automotive, electronics, health care and safety industries.
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