Continental Structural Plastics to Acquire Magna’s Composites Operations
Tuesday, July 29, 2014 12:02 AM
DHI Media Staff Report
VAN WERT — A company with a location in Van Wert’s Industrial Park on the city’s south side has announced an acquisition it says will make the firm in a good position to grow globally.
Continental Structural Plastics (CSP) announced last week that it 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.
Tom Harth are the Van Wert CSP plant stated, "The acquisition of five additional manufacturing plants from Magna will allow our company to continue to grow our customer base and sales. I will be the Regional Director of the compounding facilities of Van Wert, Ohio and Grabill, Indiana. The Van Wert plant is currently fully utilized and at manufacturing capacity. The CSP Van Wert plant is a unique facility that produces the highest volume of sheet molding composite in the world today. In addition to the acquisition, Continental Structural Plastics has appropriated over $1.3 MM in capital investment for new control equipment in the Van Wert facility, scheduled for installation in the last quarter of 2014. Our intent is to maintain Van Wert at a fully utilized level and add new sales and compounding manufacturing requirements to the Grabill facility has we continue to grow."
CSP’s Van Wert plant is located at the south end of Industrial Drive. The headquarters is located in Auburn Hills, Michigan, and other CSP facilities are located in Carey, North Baltimore, and Conneaut in Ohio, Huntington, Indiana, as well as in Louisiana, France, and Tijuana, Mexico.
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 square-feet of manufacturing space, according to a release.
“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.”
For more than 40 years, Continental Structural Plastics (CSP) has provided leading-edge technologies in lightweight materials and composite solutions for the automotive, heavy truck, HVAC and construction industries. Headquartered in Auburn Hills, Michigan, CSP provides full-service engineering support, and holds more than 50 patents covering materials development and manufacturing processes in composite materials formulation, design and manufacturing technologies.
“We have a solid foundation upon which we are building a bigger, more competitive company,” Macher added. “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.”