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Home > News > Corporate News

Teijin to sell composites business subsidiary due to deficient profitability

Source：Adsale Plastics Network Date ：2023-09-04 Editor ：VC

Teijin Limited has agreed to sell its entire stake in GH Craft Co., Ltd., an equity-method subsidiary of Teijin’s composites business in Japan, to TIP composite Co., Ltd.

Teijin acquired GH Craft in July 2008 as part of its downstream strategy. Leveraging its superior technological capabilities, GH Craft has been involved in the design, prototyping, and evaluation of composite materials for the aerospace, railway, and automotive industries.

Teijin acquired GH Craft in July 2008 as part of its downstream strategy.

Since acquiring its North American business in 2017, Teijin has been expanding the automotive composites business. However, the business has significantly fallen short of its expected profit levels due to factors such as a deterioration in the business environment due to semiconductor and labor shortages and raw material price rises.

In response, Teijin has been concentrating the resources on its base in North America as its key region to implement measures to improve profitability. Under these circumstances, Teijin has decided to sell the GH Craft while considering the company's further growth.

TIP composite manufactures and sells composite materials for a wide range of industries, including aerospace and industrial. The company has already collaborated on selected projects with GH Craft.