Composite technology provider Continental Structural Plastics Inc. (CSP) is buying five North American plants from Canadian auto parts maker Magna International Inc.
The terms of the deal have not been disclosed.
Under the agreement, Auburn Hills, Mich.-based CSP will acquire Magna plants in Lenoir, N.C.; Newton, N.C.; Salisbury, N.C.; Grabill, Ind.; and Saltillo, Mexico.
The acquisition will add more than 600,000 square feet of manufacturing space and more than 1,000 new CSP employees.
“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. 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.
Upon completion of the Magna acquisition, CSP will operate 14 plants in the U.S., Mexico and France. The company generated revenue of US$600 million in 2013.
Magna is headquartered in Aurora, Ont.