Munich-based Aurelius Private Equity Mid-Market Buyout will acquire Auburn Hills, Mich.-based automotive supplier, Teijin Automotive Technologies North America, from its Japanese parent company Teijin Ltd.
TAT-NA will be rebranded once the deal has closed, "probably within a month or so," Kim Zitny, director of corporate communications, told Plastics News in an email. "More details will follow when we announce the new brand. We must rebrand because Teijin will continue to operate the locations in Europe as Teijin Automotive Technologies."
The sale price was not disclosed.
"There will be no workforce or leadership changes as a direct result of this acquisition," Zitny added.
Teijin is a key supplier of composites for pickup truck beds such as the GMC Denali CarbonPro, the carbon-fiber reinforced material for vehicles including Corvette and structural beams.
Much of the North American operations previously operated at Continental Structural Plastics before it was rebranded into TAT-NA in 2020.
"Aurelius will support new growth opportunities for the standalone TAT-NA business, whose unique, durable lightweight composite product offering is powertrain agnostic and hence ideally positioned to meet long-term demand for Class A and structural vehicle components," a March 31 news release said. "TAT-NA's vertically integrated operating model and market-leading scale provides defensible assets and capabilities to sustain long-standing supply relationships with key OEMs in North America."
"We are excited about the opportunities ahead for us as we partner with the resources and support of the Aurelius team," Chris Twining, CEO of TAT-NA, said in the release. "The Aurelius operations advisory team is dedicated to ensuring we maintain our market leadership, and I am looking forward to working with them as we continue to develop new material technologies while improving our operations, efficiency and quality."
"[TAT-NA] has a long history of supplying key players across the North American automotive industry," Stephan Mayerhausen, managing director at Aurelius Investment Advisory and head of its New York office, said in the release.
Teijin Automotive Technologies North America supplies composite technologies for the automotive, heavy truck, marine and recreational vehicle markets. It employs about 4,500 people at 14 locations in the U.S. and Mexico. It generates annual sales exceeding $1 billion.