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| - Teijin Limited announced today that it would establish Teijin Automotive Center Europe GmbH (TACE) in Wuppertal, Germany in February as a new base for technical functions within the company's automotive composite business. The company will handle concept, designing, prototyping, evaluations, marketing and technical research for next-generation automotive components, utilizing the Teijin Group's capabilities to provide multi-material solutions for next-generation vehicles. This press release features multimedia. View the full release here: Envisioned demonstration and CAE experiments to be performed at TACE (Photo: Business Wire) TACE will enable Teijin to strengthen and advance its solution capabilities by establishing a strong platform for collaboration within the Teijin Group's European automotive composite bases. It is expected to speed up concept, designing, prototyping and the evaluation of technological proposals developed by each base. Later, TACE will develop marketing and research functions to explore opportunities for new technologies and M&A, aiming to accelerate joint development with European automakers and respond to demands for greater design freedom, productivity and cost efficiency as well as weight reduction and strength. At the same time, the company will pursue opportunities to establish bases for automotive composite technical functions in the USA and China to satisfy demands in these markets to strive to steadily strengthen its position as a global solution provider. Backed by such initiatives, Teijin is targeting automotive composite business sales of approximately EUR 1.7 billion (USD 2 billion) by 2030. Amid the ongoing shift toward Connected, Autonomous, Shared, and Electric (CASE) automobiles, the automotive industry is urgently transforming its business models to realize more lightweight and multifunctional next-generation vehicles. Teijin acquired Continental Structural Plastics (CSP) in 2017 to become a Tier 1 supplier focused on multi-material automotive composite. In Europe, CSP's French operation will open a new sheet molding compound plant and Teijin has acquired leading automotive-composite suppliers Inapal Plásticos of Portugal and Benet Automotive of Czech Republic. To leverage these recent moves, Teijin has now decided to further strengthen its multi-material capabilities in Europe and organically link the development and marketing functions of its European automotive composite bases to satisfy automakers' demands in the forthcoming CASE era. About the Teijin Group Teijin (TSE: 3401) is a technology-driven global group offering advanced solutions in the areas of environmental value; safety, security and disaster mitigation; and demographic change and increased health consciousness. Its main fields of operation are high-performance fibers such as aramid, carbon fibers & composites, healthcare, films, resin & plastic processing, polyester fibers, products converting and IT. The group has over 170 companies and around 20,000 employees spread out over 20 countries worldwide. It posted consolidated sales of JPY888.6 billion (USD 8.1 billion) and total assets of JPY 1,020.7 billion (USD 9.3 billion) in the fiscal year ending March 31, 2019. Please visit www.teijin.com View source version on businesswire.com: Contact Press Contact Corporate Communications Teijin Limited +81 3 3506 4055 pr@teijin.co.jp © 2020 Business Wire, Inc. Disclaimer: This material is not an AFP editorial material, and AFP shall not bear responsibility for the accuracy of its content. In case you have any questions about the content, kindly refer to the contact person/entity mentioned in the text of the release.
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