Auto supplier and composites specialist Continental Structural Plastics Inc. is “seeking a strategic global partner” to support its further growth, and media reports from South Korea say Hanwha Group has expressed interest in buying into CSP.
A CSP spokeswoman confirmed in a statement CSP is actively seeking investment to support future growth and expansion, but declined to provide details on a potential deal.
Seoul-based Hanwha is the country's largest petrochemicals maker. Its business unit Hanwha Advanced Materials supplies composite materials for automotive, electronics and solar energy with five manufacturing plants worldwide. The potential CSP deal, which South Korean media estimates at a value of about $600 million, would give Hanwha greater access to the North American automotive supply market.
Those reports indicated Hanwha wants to buy all of CSP. The CSP statement does not specify how large of a stake it may sell. Germany's BASF SE and Japan's Mitsubishi Plastics Inc. are also reportedly interested in buying CSP, South Korean reports stated.
Auburn Hills, Mich.-based CSP operates 15 locations globally, 11 of which are in the U.S., with more than 3,000 employees.
Earlier this year, CSP announced it was investing $33.5 million to expand its operations in Huntington, Ind., building a new 130,000-square-foot facility adjacent to its existing 210,000-square-foot plant.
“The rate of growth associated with next generation programs will require us to upgrade and expand our existing facilities, as well as build or acquire additional facilities around the world to meet customer demand,” reads the CSP statement. “To support this globalization, we are seeking a strategic global partner that can assist in maximizing our growth opportunities.”
Continental molds a variety of structural parts and exterior parts, including body panels on the 2016 Chevrolet Corvette.
