CROSS Industries AG agreed on a strategic partnership with Mitsubishi Rayon Co. LTD, in the sector of carbon composites

CROSS Industries AG and Mitsubishi Rayon Corporation LTD, Japan, the third largest manufacturer of carbon fibers and composite materials, signed a purchase contract for the acquisition of a 51% stake of the Wethje Group on July 29, 2014. The transaction is subject to the approval of the responsible antitrust authorities.

The new partnership with of one of the largest manufacturers of composite materials world-wide will further strengthen Wethjes growth strategy in Europe.

The transaction shall be closed in Q4 of 2014. Both sides have agreed to maintain confidentiality regarding the purchase price.

Information on Wethje GmbH: The Wethje group specializes in the development, design and manufacturing of carbon composite components for the automotive industry, motor sport as wells as the aerospace industry and industrial applications. The Wethje group achieves revenues in the amount of approximately 35 m€ with 350 employees at two production sites.

Information on Mitsubishi Rayon Co., Ltd. (MRC): MRC is a wholly owned subsidiary of Mitsubishi Chemical Holdings Corporation. MRC’s business is centered on chemical and plastics, fibers, carbon fibers and composite materials. MRC group achieves as consolidated revenues in the amount of approximately 4,300 m€ with 9,300 employees.

Information on CROSS Industries AG: CROSS Industries AG is an industrial holding group, strategically and operatively focusing on the automotive sector. With its core assets KTM AG, Pankl Racing Systems AG and WP Performance GmbH, CROSS achieves with 4,500 employees revenues of EUR 1,1 billion.