Mumbai, 27th January, 2011: The Braj Binani Group, one of India’s fastest growing business conglomerates having diversified interests in cement, glass fibre and composites, announced today that as part of its long term strategy to access state of the art technology and products for its glass fibre and composite business, it has signed a merger agreement with USA based Composite Products, Inc (CPI).
The Winona, Minnesota, USA based CPI is a leading global manufacturer of inline compounding and molding of thermoplastic composites. CPI is also a globally recognized designer and licensor in this segment. Post merger the Company will be named as ‘CPI Binani, Inc.
Over the last 20 years, CPI has been manufacturing and licensing compression molded composite parts that that are used by a variety of companies in automotive, recreational and other custom-designed and demanding industrial applications. CPI has several patented inventions in its name.
Commenting upon the development, said Mr. Sunil Sethy, Executive Vice Chairman & Managing Director of the Braj Binani Group, “We are pleased to add CPI into the Binani family of companies. While CPI’s technology attracted our attention, it was working with the dedicated team of professionals with world-class experience in these applications that sealed the deal”.
Post merger, Mr. Ron Hawley, founder of CPI, will continue as CEO of CPI Binani, Inc. and serve as a board member. Said Mr. Hawley on this association, “Binani has an impressive track record of investing in growing companies around the world and in a variety of industries. We look forward to working with Binani to spread the use and application of in-line compounding and molding of thermoplastics to India and around the world. Receiving this significant investment will allow CPI Binani to grow while better serving our customers and collaborating with our suppliers”
The newly incorporated CPI Binani will have a five-person Board. Mr. Derek Mazula, President of CPI, will remain in his role and serve as a member of this newly constituted Board. Added Mr. Mazula, “With this new entity, we now have the added resources to execute on a well-defined plan for growth that will originate right here in Southeast Minnesota. The processes we define and enhance will be integrated into the model that Binani Composites will use worldwide.”
Headquartered in Mumbai, the Braj Binani Group is a growing conglomerate with interests in cement, glass fiber, composites, project management services and construction. Post its restructuring between 1996 to 2004, the Group has been witnessing rapid growth with improved capacities, R&D, etc. Binani Industries Limited (BIL) is a flagship Company of the Group and serves as the holding company for other Group companies like Binani Cement Limited Goa Glass Fibre Limited and BT Composites Limited. Under the dynamic leadership of Mr. Braj Binani, Chairman of the Group, the Group has expanded its operations globally in China, Dubai and emerging markets like South Africa, East Africa and Mauritius. The Group is strongly expanding its presence for its cement business in these emerging markets.
Founded in 1989 by Mr. Ron Hawley and Mr. Don Harbst, Composite Products Inc, is a worldwide leader in the Direct In-Line Compounding industry for long-fiber reinforced thermoplastics. Using its patented advanced Compounding and Molding Technologies, CPI has molded many different custom designed parts for a diverse customer base. CPI serves industries such as automotive, agriculture, consumer electronics, and others and has customers in the USA, Canada, Mexico, and Europe. The Company has its headquarter in Winona, Minnesota, USA.