Composite Products Inc. merges with Indian firm

Inline compounding and long-fiber-reinforced thermoplastics supplier Composite Products Inc. (CPI; Winona, MN) has merged with Indian manufacturing conglomerate Braj Binani Group to create CPI Binani Inc. CPI founder Ron Hawley will continue as CEO of CPI Binani Inc. and serve as a board member of the Braj Binani Group.

The newly incorporated CPI Binani will have a five-person board, with CPI President Derek Mazula remaining in his role and serving as a member of the newly constituted Board. Mazula said in a statement that the investment by Braj Binani gives CPI the resources to "execute on a well-defined plan for growth that will originate right here in Southeast Minnesota. The processes we define and enhance will be integrated into the model that Binani Composites will use worldwide."

Braj Binani Group (Mumbai) has interests in cement, zinc, glass fiber, composites, project management services, including Goa Glass Fibre Limited and BT Composites Limited. It has recently expanded its operations globally moving into China, Dubai, South Africa, East Africa, and Mauritius. In emerging market, the company is expanding its cement business.

Goa Glass Fibre describes itself as the largest manufacturer or E-glass reinforcements in India, with its plant commissioned in 1996 and located in Colvale, Taluka Bardez, Goa. BT Composites has compression molding capability for SMC/DMC composites, with hydraulics presses of different capacities. Braj Banani reports having a net global asset value of $521 million; net Income of $603 million; and 1700 employees globally.