Teijin acquires Benet Automotive to expand European automotive business
Teijin announced that it has agreed to acquire Benet Automotive, a supplier of automotive composites and components for the Czech Republic, from Jet Investment. The terms of the acquisition have not been disclosed.
Headquartered in Mlada Boleslav, Czech Republic, Benet is a Tier 1 supplier of composite components for the automotive industry, providing advanced technologies for carbon fiber reinforced and fiberglass reinforced plastic molding, as well as vehicle painting and assembly. . The company specializes in Enhanced Reaction Injection Molding (RRIM), a low pressure process using polyurethanes; and traditional autoclave and resin transfer molding (RTM). Benet has three plants in the Czech Republic and one in Germany for European automotive OEMs, including Volkswagen, Mercedes, BMW, Audi and Skoda. The company has 720 employees and had sales of 35.2 million euros ($40 million) in fiscal year 2018.
Teijin is developing its automotive composites business with proprietary lightweight, high performance materials and superior design capabilities, becoming a multi-material component supply partner for automotive OEM customers serving the Teijin Group in Europe, North America and Asia. In Europe, Teijin acquired Portuguese automotive composite supplier Inapal Plásticos SA in August 2018; and is installing glass and carbon fiber sheet molding compound (GF-SMC and CF-SMC) production lines at the Continental Structural Plastics plant in France, which is a North American automobile. Teijin, the global leader in composite materials, acquired 2017 in January.
Benet is closely adjacent to the central and eastern parts of the European market, where major German and other European original equipment manufacturers produce production facilities. The company’s proven supply record will provide Teijin with a solid foundation 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, develop innovative chemistry through Teijin and CSP’s outstanding materials and molding technology, and technical team members to deliver innovative automotive composite solutions to meet customers. Future lightweight requirements, resilience, design flexibility, productivity and cost effectiveness. Teijin’s goal is to have sales of the automotive composites business of approximately 1.7 billion euros ($2 billion) by 2030.