Teijin Limited announced that it has completed the acquisition of Benet Automotive s.r.o. (Benet), a leading automotive composite and component supplier in the Czech Republic, from Jet Investment. The acquisition was completed on August 30, Central European Time.
Teijin will benefit from Benet's automotive composite technologies and its well-proven supply record; these will serve as a solid foundation on which to further strengthen Teijin's solution development capabilities as a component supply partner of automotive OEM customers in Europe. As part of its multi-material strategy to offer innovative automotive composite solutions that meet customers' future needs for lightness, toughness, design flexibility, productivity and cost-efficiency, Teijin will leverage Benet's involvement in existing development projects with outstanding material and molding technologies and technical team members of Teijin, Continental Structural Plastics, a world leader in automotive composites based in North America which Teijin acquired in 2017 and Inapal Plásticos SA, a leading automotive-composite supplier in Portugal which Teijin acquired in 2018.
Teijin is targeting automotive composite business sales of approximately EUR 1.7 billion (US$ 2 billion) by 2030.
“We are growing our automotive composites business with our proprietary lightweight, high-performance materials, and superior multi-material design capabilities served by our hubs in Europe, North America and Asia," said Akio Nakaishi, General Manager of Teijin's Composites Business Unit. "Benet Automotive's well-established technologies and sales channels will further enhance our capabilities as a tier-one automotive supplier and help spur further innovation.”
Kamil Suchan, Chief Executive Officer of Benet Automotive also said “We believe that it is a good step for us, primarily because under Teijin’s management we will be a part of one of the world's most important global players in high-tech composite products for the automotive industry.”