Teijin will benefit from CSP's established sales channels in the North American automotive market, which will enable the combined business to provide a broader range of solutions that meet automakers' demands for weight reduction and durability, utilizing the company's thermoplastic composite technologies.

The combination of CSP's thermoset capabilities, especially its GFRP technology, and Teijin's high-performance composites such as carbon fiber reinforced thermoplastic (CFRTP), will help reduce weight and component count in finished products.

This will in turn improve recycling efficiency and offer automakers value-added solutions that meet their requirements for more environmentally friendly components at lower cost. Teijin will also utilize CSP's European Center for Advanced Technology in France and Teijin's own composite production facilities to enhance its global development capabilities, allowing the combined business to better address the requirements of European, Japanese and Asian automakers. The automotive composite products business of the Teijin Group is targeting annual sales of USD 2.0 billion by 2030.

Jun Suzuki, President and CEO of Teijin Limited, commented: "Since being appointed as Teijin's president in January 2014, I have pursued business models that help provide value-added solutions by combining and integrating our own materials, healthcare and IT technologies.

"We are confident that the platform for automotive composite products business we will gain through the acquisition of CSP's complementary technical expertise in thermoset composites and GFRP know-how will trigger further development of our integrated high-performance materials business, one of our key strategic fields."

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