Teijin Limited has agreed to acquire Inapal Plasticos, an automotive composite supplier in Portugal.
Inapal shares will be purchased by Teijin Holdings Netherlands. The acquisition was completed at the beginning of August 2018, following the satisfactory completion of customary closing conditions, including regulatory approval.
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Inapal, headquartered in Leca do Balio, Porto, Portugal, is a Tier One supplier of composite components to the automotive and heavy truck industries. The company's capabilities include Class A body panels, structural and underbody components using a variety of materials and processes, including sheet moulding compound (SMC), carbon fibre SMC, pre-preg compression moulding (PCM), direct long fibre thermoplastic (D-LFT) and glass mat thermoplastic (GMT).
The company has two manufacturing locations in Portugal serving a variety of European OEM customers including Jaguar, Land Rover, BMW, Mercedes, Volkswagen and Bentley.
In addition to its automotive and heavy truck business, Inapal supplies components to the heating and cooling industry, as well as passenger seating components to the bus and rail industries. The company had sales of EUR 31.9 million (USD 37 million) in 2017.
Jun Suzuki, president and CEO, Teijin, said: "The acquisition of Continental Structural Plastics positioned us as a Tier One supplier of high-performance composites to the global automotive market. In July, we announced the acquisition of JH Ziegler, a supplier of automotive interior materials in Germany.
"Now the acquisition of Inapal enables us to deliver on our promise to stakeholders to expand our technologies on a global basis, including in Europe."
Teijin expects its automotive composite business sales to reach approximately EUR1.7bn ($2bn) by 2030. The company now has the ability to serve customers in most major regions of the world and has established business with every major global automotive OEM.
Following the acquisition of CSP in 2017, Teijin has committed to expand its automotive capability.
