Japan based Teijin Limited has agreed to acquire Continental Structural Plastics Holdings Corporation (CSP), a leading automotive composite supplier in North America, for US$ 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, and to accelerate its expansion as a tier 1 supplier of high-performance composites to the global automotive market.

The shares of CSP will be purchased by Teijin Holdings USA Inc., the Teijin Group's holding company in the US. The acquisition is scheduled to be completed in December 2016 after satisfaction of customary closing conditions, including regulatory approval.

CSP is a leading manufacturer of thermoset composites in the automotive industry and is the world's largest sheet molding compound (SMC) manufacturer for automakers.

The company has 14 facilities in the US, Mexico, France and China and approximately 3,200 employees. It posted consolidated sales of over USD 634 million in the fiscal year ending December 31, 2015.

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