MILAN, Oct. 26 (Class Editori) -- Mitsubishi Chemical Group Corporation (MCG) acquired 100% of CPC S.r.l., an Emilia-based carbon fiber-reinforced plastic automotive component production and distribution company led by Franco Iorio, making it a fully-owned Japanese subsidiary.
CPC, with a turnover exceeding 150 million euros, has a prestigious client base in the automotive and motorcycle industries. In addition, CPC produces bodies for Amazon's flying taxi and Aptera's solar cars, which can travel 1,000 miles on a single charge. The company's business plan aims to double its turnover by 2025.
MCG acquired a 44% stake in CPC in 2017. "The transaction's impending closure at the end of 2023 once regulatory approvals are obtained," the Japanese Group announced. "I enjoyed a highly productive working relationship with CPC. This acquisition is the next natural step in taking our offering to the next level," Vice President of MCG's European Specialty Materials Business Unit Ralph Meier said while emphasized the significance of this acquisition.
MCG and CPC "are committed to ensuring a smooth transition. Our 10-year partnership, now being finalized with a full acquisition, embodies a joint effort to provide our customers with the best possible solutions and to drive innovation in the industry through a fully vertical supply chain," Franco Iorio, CEO since 2000 and majority shareholder of CPC so far, emphasized.
As a result, a new phase of growth is beginning for a small mechanical molding shop based in Modena and founded in 1959. In 2004, among the true pioneers in the industry, the company inaugurated the carbon department, while in 2013 the press department for the use of an innovative carbon fiber compression molding technology.
CPC also pledged, by signing in August 2022 a Memorandum of Understanding valid until June 2025 with the Municipality of Modena and the Emilia-Romagna Region, to develop an Integrated Design Research Center for research technologies related to materials innovation for structural lightening, application of digital methodologies and technologies primarily related to carbon reuse and recycling, automation and digitization of production processes and quality control.
CPC has 5 production sites, including the New GM in Camposanto, acquired in January and where it plans to invest an additional 50 million euros. In addition, it aims to exceed 1,000 employees by 2023.
(Source:Class Editori)
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