Teijin has completed the acquisition of composite and component supplier, Benet Automotive in the Czech Republic from Jet Investment.

Teijin will leverage Benet's involvement in existing development projects with material and moulding technologies.

The supplier is targeting automotive composite business sales of around EUR1.7bn (US$2bn) by 2030.

"We are growing our automotive composites business with our proprietary lightweight, high-performance materials and multi-material design capabilities served by our hubs in Europe, North America and Asia," said Teijin Composites Business Unit general manager, Akio Nakaishi.

"Benet Automotive's well-established technologies and sales channels will enhance our capabilities as a tier-one automotive supplier and help spur innovation."

For his part, Benet Automotive CEO, Kamil Suchan added: "We believe it is a good step for us, primarily because under Teijin's management we will be a part of one of the world's most important global players in high-tech composite products for the automotive industry."

 The acquisition was completed on 30 August.

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