{"id":13023,"date":"2015-03-25T07:01:57","date_gmt":"2015-03-25T07:01:57","guid":{"rendered":"http:\/\/www.compositestoday.com\/?p=13023"},"modified":"2015-03-25T07:05:33","modified_gmt":"2015-03-25T07:05:33","slug":"core-molding-technologies-acquires-cpi-binani","status":"publish","type":"post","link":"https:\/\/www.compositestoday.com\/2015\/03\/core-molding-technologies-acquires-cpi-binani\/","title":{"rendered":"Core Molding Technologies Acquires CPI Binani"},"content":{"rendered":"<h3>Core Molding Technologies has announced it has acquired substantially all of the assets of CPI Binani, located in Winona, Minnesota.<\/h3>\n<p>CPI is a producer of direct long-fibre thermoplastics for the marine, automotive, packaging and other industries. CPI was previously a wholly owned subsidiary of Binani Industries Limited, based in Mumbai, India. The transaction is an all-cash deal of $15 million, which Core will finance through a new senior secured five-year term loan. The acquisition includes a staff of approximately 100 individuals and a manufacturing facility of 83,000 square feet.<\/p>\n<p>CPI had annual sales in 2014 of approximately $20 million. The Company expects the transaction to be approximately $.01 to $.02 accretive to earnings per share for the remainder of 2015 and does not expect any significant restructuring, shut-down or employee severance costs during 2015.<\/p>\n<p>Long-Fibre reinforced thermoplastics systems are resistance to chemicals, recyclable\u00a0and feature fast processing times in many complex product configurations. Widely popular in Europe and Asia, direct long-fibre thermoplastics technology is still growing in North America, where applications are concentrated in the automotive industry, but include many non-automotive applications as well.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Core Molding Technologies has announced it has acquired substantially all of the assets of CPI Binani, located in Winona, Minnesota. CPI is a producer of direct long-fibre thermoplastics for the marine, automotive, packaging and other industries. CPI was previously a wholly owned subsidiary of Binani Industries Limited, based in Mumbai, India. The transaction is an all-cash deal of $15 million, which Core will finance through a new senior secured five-year term loan. The acquisition includes a staff of approximately 100 [&hellip;]<\/p>\n","protected":false},"author":33,"featured_media":13025,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[677,8,512],"tags":[343,735,110],"class_list":["post-13023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-acquisitions-industrial-news","category-industrial-news","category-composites-news","tag-binani-industries","tag-core-molding-technologies","tag-usa"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Core Molding Technologies Acquires CPI 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