Continental Structural Plastics Inc. signed a definitive agreement to acquire five North American plants from Magna International Inc.
Terms of the deal announced Thursday were not disclosed.
Under the agreement, suburban Detroit-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 employees to CSP’s portfolio.
“We have a solid foundation upon which we are building a bigger, more competitive company,” CEO Frank Macher said in a news release. “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.”
The deal is part of CSP’s ongoing expansion efforts.
Last year, CSP purchased the assets of a thermoset molding company in Pouance, France, which has since become CSP Europe, establishing not only a manufacturing base in Europe but also acquiring new expertise in carbon fiber molding.
The supplier also has memorandum of understanding agreements with potential acquisition targets in China.
Upon completion of the Magna acquisition, CSP will operate 14 plants in the United States, Mexico and France. It generated revenue of $600 million in 2013.