Teijin Ltd has completed the previously announced purchase of Benet Automotive s.r.o., a leading automotive composite and component supplier in the Czech Republic.
The materials supplier acquired Benet from Jet Investment on 30 Aug, according to a 2 Sept release.
Headquartered in Mlada Boleslav, Czech Republic, Benet is a tier one supplier of composite components to the automotive industry with three facilities in Czechia and one in Germany to serve European automotive OEMs.
The company offers advanced technologies for carbon-fibre-reinforced and glass-fibre-reinforced plastic moulding, as well as the painting and assembly of vehicles, to major carmakers, including Volkswagen, Mercedes, BMW, Audi and Skoda.
The acquisition is in line with Teijin’s ambition to grow its automotive composites business with proprietary lightweight, high-performance materials. In Europe, Teijin acquired Inapal Plásticos SA, a leading automotive-composite supplier in Portugal, in August 2018; and is installing a glass- and carbon-fibre sheet-moulding-compound (GF-SMC and CF-SMC) line in the French facility of Continental Structural Plastics, a world leader in automotive composites based in North America, acquired in January 2017.
According to the company statement announcing the acquisition, the aim is to become a ‘multi-material component supply partner of automotive OEM customers served by Teijin hubs in Europe, North America and Asia.’ Acquiring Benet, strategically located near key German and other European OEMs, will enhance Teijin’s capabilities to offer innovative automotive composite solutions that meet customers’ future needs for lightness, toughness, design flexibility, productivity and cost-effeteness. Teijin is targeting automotive composite business sales of approximately €1.7bn by 2030.
The company had 720 employees and recorded sales of €35.2bn in fiscal 2018.