Teijin Limited has announced it will wholly acquire Benet Automotive s.r.o.(Benet), an automotive composite and component supplier in the Czech Republic, from Jet Investment.
Teijin is growing its automotive composites business with proprietary lightweight, high-performance materials, and design capabilities, to become a multi-material component supply partner of automotive OEM customers served by Teijin hubs in Europe, North America and Asia.
Benet says it has strategic proximity to the central and eastern regions of the European market where key German and other European OEMs operate production facilities.
The company believes it’s well-proven supply record will provide a solid foundation for Teijin to further strengthen its solution development capabilities and sales channels in Europe.
As part of its multi-material strategy, Teijin will leverage Benet’s capabilities in existing development projects and evolve chemistry of innovations with Teijin and CSP’s material and moulding technologies and technical team members to offer innovative automotive composite solutions.
Teijin is targeting automotive composite business sales of approximately EUR 1.7 billion (USD 2 billion) by 2030 and the terms of the acquisition are not being disclosed.