Continental Structural Plastics acquire Magna’s composites operationsContinental Structural Plastics acquire Magna’s composites operations
Continental Structural Plastics (CSP) has signed a definitive agreement to acquire the composites operations of Magna Exteriors. This acquisition, which will make CSP the world's largest sheet molding composites (SMC) compounder and manufacturer, includes the assets of five Magna facilities located in North America.
July 17, 2014
"This acquisition further demonstrates our commitment to become the global leader in light-weighting solutions," said Frank Macher, chairman and CEO of CSP. "The incremental capacity and resources gained position us extremely well for on-going growth and the ability to pursue a number of new business opportunities."
Under the terms of the agreement, CSP will acquire Magna Composites manufacturing facilities located in Lenoir, Newton, and Salisbury, North Carolina; and Saltillo, Mexico, and a compounding facility located in Grabill, Indiana. Collectively, these facilities employ more than 1,000 people and encompass 600,000 sq-ft of manufacturing space.
"We have a solid foundation upon which we are building a bigger, more competitive company," Macher said. "Through this acquisition, we gain significant heavy truck and consumer products expertise, as well as an expanded manufacturing footprint and broad range of manufacturing and technical capabilities."
Manufacturing equipment and technical capabilities included in the transaction include SMC compression molding machines ranging from 175T to 4,000T; horizontal presses; a prime paint line; robotic water jet machines, bonding applications and routing; and CNC routing.
Last year, CSP signed an agreement to lease manufacturing floor space in Pouance, France. Additionally, CSP purchased equipment from a composites manufacturer that was formerly located in the facility CSP will lease. The facility included approximately 120,000 sq-ft of floor space, six compression molding presses, 12 thermoplastic injection presses and supporting equipment.
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