Catalyst Corporate Finance & Ricardo Composites report Spring 2013

Composites SectorM&A update

Spring 2013

Demand for composite material is forecast to double by2015. Improved fuel efficiency and demand for high-strengthlightweight material is increasing the penetration ofcomposites in multiple sectors. This is supporting recordlevels of M&A.

Increasing demand driving M&A to record £2.3 billion

Key findings from our research

Value and volume of deals reaching new highs

The pace of M&A activity in 2012 built on the momentum which beganin 2011 with 41 deals worth over £2.3 billion. Strategic acquirers arestrengthening their competitive positions to benefit from the anticipatedgrowth in end markets. A small number of private equity houses areestablishing and growing platforms.

Aerospace suppliers using M&A to safeguard their position

Leading composite manufacturers and aerospace suppliers are verticallyintegrating the supply chain to ensure they can meet the demands ofrecord OEM backlogs, strong order books and ambitious productionrates for composite-intensive commercial aircraft.

Automotive sector is an emerging battleground for carbon fibre

OEMs and composite manufacturers are using joint ventures,partnerships and acquisitions to overcome the technology, cost andcapacity challenges of higher volume automotive production. Withsecurity of supply a priority, those players with vertically-integratedsupply chains will be in the strongest position.

Smaller companies need to develop their offering

The composites sector is highly fragmented. With pressure from OEMsto provide a complete solution, smaller companies need to gain scale,broaden their end markets and provide an increasing proportion of thecomposites value chain.

“We are seeing innovationacross the supply chain ascompanies develop compositestechnology for higher volumeapplications. Different M&Astrategies are playing animportant role in helping themachieve this.”Mark Humphries, Partner

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The next decade will see a significantincrease in demand for composites.While penetration across end marketsis currently low (see Figure 1), the needto increase fuel efficiency and meetcarbon emissions regulations is drivinga requirement for light-weight carbonfibre components in the aerospace andautomotive sectors. Wind energy andindustrial applications are alsoincreasing their use of composites.

Rising demand leading toinvestment in capacity

Over the next five years, the compositeindustry is forecast to be worthUS$27 billion with end product applicationsworth US$78 billion. Current productionvolumes for composites are low comparedto conventional materials. Around 1.3 billiontonnes of steel is produced annuallycompared to five million tonnes of glassfibre reinforced plastic (‘GFRP’) and 46,000tonnes of carbon fibre reinforced plastic(‘CFRP’). However, demand for CFRP isforecast to rise to 157,000 tonnes by 2020(see Figures 2 and 3).

The top five CFRP producers, who accountfor more than 80% of global capacity, areinvesting heavily in additional capacity.

Cytec is spending up to US$250 millionannually over the medium term to meetincreasing demand from aerospacecustomers.

Hexcel has doubled capacity at itsSpanish-based prepreg plant to supportnew aircraft build programmes andincreasing production rates.

Grafil is expanding production capacityto benefit from rising demand forpressure vessels used in US shale gasexploration and production.

Toray is targeting annual capacity of27,100 tonnes by 2015 to cope withincreased demand from its partner Daimler.

Global demand for composites forecastto double by 2015

Composites Sector M&A update

Leading producersinvesting in capacity

2

Source: Lucintel

Figure 1: Composites penetration in end markets compared to competing materials

Figure 2: Demand for carbon fibrewill double by 2015

Source: Ricardo analysis, Composites World,IHS Supplier Insights 2012

20,000

40,000

100,000

120,000

140,000

80,000

60,000

160,000

Tonn

es

02011 2015 2020

Marine

Civil infrastructure

Tooling

Automotive

Moulding compounds

Oil & gas

Consumer

Pressure vessels

Aerospace

Wind energy

+19%CAGR

+14%CAGR

Marine Wind energy Consumergoods

Aerospace Pipe and tanks Automotive and rail Construction0.5

2.40.8

6.4

1.3

9.42.3

23.2

2.6

37.8

2.8

77.8

3.4

85.1

Structural materials market (steel, aluminium and composites)

Composite materials market

US$ billion

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Sector discovering its M&A potential

Composites Sector M&A update

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Figure 3: Key end markets for high strength composites

*Source: Lucintel, Global composite materials shipment

Aerospace Automotive Construction Energy

2016 value: US$4.1 billion* 2016 value: US$4.0 billion* 2016 value: US$4.4 billion* 2016 value: US$6.5 billion*

Growing passenger traffic supportsmajor aircraft build programmes anddemanding production rates

Interiors include large number ofGFRP components

OEMs need to increase fuel efficiency.CFRP increasing share of structuralweight (e.g. B787 Dreamliner andA350 around 50% CFRP)

Combat aircraft like Lockheed MartinJoint Strike Fighter made fromaround 30% CFRP

EU and US regulation compellinglower CO2 emissions is increasingdemand for light weight composites

OEMs, suppliers and raw materialmanufacturers have entered jointventures to reduce compositeproduction cycle times and securesupply (see page 6)

Electrification of vehicles requireshigh composite usage to offsetbattery weight

Largest segment for compositesapplications but penetration still low,see Figure 1

Emerging economies expected to besignificant composites users over thenext five years as they makesignificant investments in residentialand commercial construction

Escalating operational demandsassociated with deep water oilexploration and production attractingcompanies to composites’ highstrength to weight ratio, fatiguestrength and corrosion resistance

Around 60,000 rotor turbine bladesmade annually by some 20 majormanufacturers. Blades made mostlyfrom GFRP but trend for longeroffshore blades requires use ofstiffer CFRP

Manufacturers and suppliers arepositioning themselves to be at theforefront of opportunities driven by thesubstitution of conventional materialswith composites. Large strategicbuyers are using acquisitions to expandinto higher growth end markets, accessnew process technologies and controlmore of the supply chain.

Establishing platforms inend-markets

Large acquisitions by Cytec and TenCateare evidence that major producers areconfident that the use of composites by thehigher volume industrial and automotiveindustries is set to grow significantly.

Aerospace specialist Cytec’s 2012acquisition of Umeco for £348 million(9.8x EBITDA) enables the company tomove up the supply chain and capitaliseon Umeco’s composite componentsmanufacturing and process technologies.This includes the energy efficient andmore cost effective out-of-autoclavetechnology it is developing to shortenthermoset production cycles.

TenCate’s 2012 acquisition ofUS thermoplastic producerPMC Baycomp extends the company’scustomer base beyond aerospace toindustrial applications including oil andgas and automotive. The recentacquisition of UK-based AmberComposites, a manufacturer ofthermoset composites for industrialand automotive applications,enhances TenCate’s access tothe European market.

“TenCate’s M&A strategy isfocused on advancedcomposite materials with a highadded value.We are looking formaterial solutions which willreduce the total cost of asystem or end product, increasesafety or reduce weight.”Frank SpaanCorporate Development Director, TenCate

Acquirers targetingcapabilities in industrial

applications

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Composites Sector M&A update

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Protect position in supply chainthrough vertical integration

Suppliers are under pressure from OEMs tosafeguard against supply disruption. Theaerospace supply chain in particular isbecoming increasingly consolidated withOEMs preferring to outsource largerpackages of work to fewer trustedsuppliers. This favours players withvertically-integrated supply chains.

UK OEM component supplierAvingtrans acquired UK-basedComposites Engineering Group, whichhas certifications in the aerospacemarket and its own tooling capability, togain access to the aerospacecomposite market and provide anintegrated composite and metalcomponent offering to its global OEMcustomer base.

Germany-based SGL’s acquisition ofPortuguese Fisipe is part of its strategyto secure raw materials from multiplesources. SGL also has a secure supplyof industrial carbon fibres via jointventures with Lenzing and Mitsubishi.

Strengthening product portfoliosto establish market leadership

PE-backed United Initiators’ strategicacquisition of Syrgis PerformanceInitiators (SPI), the third largest organicperoxide manufacturer globally, fits withthe company’s objective to become aglobal leader in speciality initiators (usedto initiate chemical reactions during theproduction of thermoset compositematerials). United Initiators will achievesignificant synergies from SPI’scomplementary product ranges,established customer base andmanufacturing and distributionnetworks.

GKN’s £515 million (6.9x EBITDA)strategic acquisition of component andsub-assemblies manufacturer VolvoAero in 2012 complements its push intocomposite engine blade technologies(GKN and Rolls-Royce have a jointventure to develop composites in fanblades) by combining GKN’s aerospacecomposites expertise with Volvo Aero’smetallic technology. The acquisitionmeans GKN is now the third largestengine components manufacturer globally.

Tier 1 supplierspursuing vertical

integration

TenCate is a Netherlands-based multi-nationalmanufacturer of specialist textiles.Its Advanced Textiles & Composites divisionaccounts for 45% of revenues.

New marketsTenCate is leveraging its capabilities in aerospace tobring thermoplastic composite materials technologyto new markets such as oil & gas exploration andmainstream automotive.

Solutions-driven partnershipsIn 2012 TenCate established the EuropeanThermoplastic Automotive Composites consortium(eTAC) which provides solutions to requests from carmanufacturers and their supply chain.

Joint venturesTenCate has entered into a strategic alliance withBASF and Owens Corning to develop, produce andcommercialise thermoplastic composite materialssuitable for mass volume automotive production.

AcquisitionsTenCate’s M&A strategy has been technology-driven,using bolt-on acquisitions to create a broad capabilitybase across thermosets and thermoplastics.

The 2012 acquisition of PMC Baycomp gave TenCateincreased affordable thermoplastic UD-tape capacity forindustrial applications. The 2013 acquisition of AmberComposites increases its presence in the market forindustrial and automotive composites, tooling materialsand access to the aerospace market in Europe for boththermoset and thermoplastic composites.

In focus: TenCate

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Spotlight: The UK is creating a globally competitivecomposites industry

The UK’s leadership in aerospace and motorsportmeans it has one of the foremost compositesindustries globally. More than 1,500 companiesacross the UK’s composites supply chaingenerate revenues of over £1.6 billion annuallywith 45% of production exported. End usersinclude aerospace, wind energy and automotive.

Integrated approach is key to ensuringUK takes a share of a growing marketThe global composites industry has recognised that thepotential growth in the use of composites over the next10 to 15 years will be significant (current CAGR iscirca 8-10%). A number of governments areimplementing initiatives to develop the competitivenessof their national industries to capture this market. Toensure the UK remains competitive and grows its marketshare, the Government is implementing a dedicated UKComposites Strategy. The strategy recognises the needfor national leadership and investments in newtechnology, future skills and supply chain development,underpinned by world class infrastructure such as theNational Composites Centre (NCC).

UK industry has clear leadershipWith the support of the Department of Business,Innovation and Skills, the Composites LeadershipForum (CLF) has been established to fulfil the nationalleadership role. The CLF will work with keystakeholders, supported by the Government, to mapand define UK composites capability and future growthpotential, provide strategic direction and assist industryto meet increasing demand from a range of sectors.With representatives from the automotive, aerospace,construction, motorsport, rail, renewables, marine,and education and skills sectors, the CLF will identifykey opportunities and challenges for the greater useof composites and create a joint action plan toaddress current and future needs to ensure theUK remains competitive.

NCC as the national hub is addressingtechnical challengesBy mid-2014 the Government will have invested nearly£60 million to develop the National Composites Centre.The NCC provides industrial scale technologydevelopment facilities to meet the needs of varioussectors wishing to capitalise on the high-strength, lowweight, corrosion and fatigue resistant qualities ofcomposites materials. Whilst these benefits can deliversignificant reductions in carbon emissions in sectorssuch as automotive, a major challenge for high volumeapplications is to develop cost-effective high ratemanufacturing processes.

Only 20 months after opening, the NCC has more than25 industrial members of all sizes, drawn from across avariety of sectors including renewables, aerospace,motorsport, marine and satellite. The NCC has a broadrange of manufacturing technologies and equipmentwhich is supported by a variety of state of the artcomponent and process validation capabilities. Theseservices are available to all UK composites companies.

The NCC works closely with the Engineering andPhysical Sciences Research Council’s (EPSRC) Centrefor Innovative Manufacturing in Composites to evolveand mature emerging composite manufacturingtechnologies from the laboratory through to commercialmaturity. The NCC is hosted by the University of Bristoland is one of the seven technical centres of excellence(“Catapults”) that form the High Value ManufacturingCatapult and which bridge the gap between governmentindustrial policy, academic research and business.

The NCC has recently secured £28 million of UK Governmentfunding to double the size of its facilities

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*Source: Lucintel

Fibre production

Resin production

Weaving

Braiding

Coating

Prepreg production

Compounding

Design and test software

Molding

Tooling

Curing, autoclave

Aerospace

Energy

Construction

Automotive

Rawmaterials Conversion

Partsmanufacturing Applications

Composite materials industry estimated £27.4 billion* by 2016 Value of end marketsby 2016: £78 billion*

Composites are becoming a corestrategic material for automotive OEMsfor structural as well as non-structuralcomponents. Higher volume usage hasto date been hindered by high materialcosts, long production cycles and lackof automation.

OEMs and tier 1 suppliers are usingpartnerships, joint ventures and acquisitionsto industrialise manufacturing to meetforthcoming US and EU emissionsregulations (see Figure 5). This is leading topredictions that the automotive carbon fibrecomposites market will be worth aroundUS$4 billion by 2016.

BMW has adopted a verticallyintegrated approach in the productionof the BMW i3 and i8 sports car (i3 willbe launched in 2013). The i3 will be avolume-production all-electric car witha CFRP passenger cell. BMW hasredesigned the full production chainincluding establishing a joint venture

with SGL Group (in which it has takenan initial 5% equity stake) to supplysemi-finished carbon fibre productsexclusively to BMW.

Automotive equipment supplier Faureciaacquired the automotive business ofSora Composites, which has expertisein glass and carbon fibre for automotiveapplications. Sora’s customers includeRenault, PSA Peugeot Citroën andAston Martin.

Raw materials suppliers andmanufacturers are working together toaccelerate the industrialisation of carbonfibre composites. For example, BASF isworking with SGL to developprocessing times suitable for massproduction.

Structural growth opportunity inhigh volume automotive production

Emissions regulationsare focusing OEMs’

attention oncomposites

Figure 4: The carbon fibre supply chain includes multiple customerrelationships

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“BMW is committed to being atthe forefront of developing carbonfibre use in automotiveproduction.Although a relativelyhigh cost material, the weightreduction benefits in the BMW i3electric vehicle help to make abusiness case for carbon fibre asthe principle body constructionmaterial for this car and also the

BMW i8 sports car. The uniquecarbon fibre manufacturingtechnologies we have developedfor BMW i allow us tocontemplate the increased use ofthis material at higher volumes inconventional cars and makes it aviable economic proposition.”Ian RobertsonMember of the Board of Management of BMW,Sales and Marketing

Figure 5: Joint ventures driving advances in production capabilities

Source: Company websites, press releases

OEMs using jointventures to overcome

production issues

BMW has developedthe first high volume

carbon fibre car

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Carbon fibre OEM Est. Type Objective/detailssupplier

Toray Nissan, Honda 2008 Partnership Develop a new carbon fibrematerial for mass marketproduction

SGL Carbon BMW 2010 JV Develop manufacturingtechnologies for ultra-lightweightCFRP for BMW’s future vehicleconcepts. In the first phase,US$100 million has been investedin a US-based carbon fibremanufacturing plant

Toray Daimler 2011 JV Manufacture automotive CFRP parts

Teijin General Motors 2011 Partnership Develop technology to improvefuel economy. Teijin’s technologyfor CFRP reduces cycle times formoulding parts to under one minute

Cytec Jaguar Land Rover 2012 Partnership Develop cost-effective compositeautomotive structures forhigh-volume production

Dow Automotive Ford 2012 Partnership Use carbon fibre composites inhigh-volume vehicles to improvefuel efficiency by cutting 750 lbsfrom Ford cars by 2020

Composites Sector M&A update

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Spotlight: OEMs looking for a completesolution from suppliersFrom Formula 1 to main street

Composites have enjoyed considerable success inFormula 1 motorsport. This has created a highlyfragmented, technology-rich support industrycharacterised by numerous small players withspecialised knowledge.

Over the next five years CFRP usage will cascade fromthe high-end sports and luxury segments intomainstream premium vehicles as OEMs look to deliverimproved CO2 performance through weight reductionacross their portfolios.

Not all incumbent suppliers however will be able totranslate their aerospace / motorsport experience intothese higher volume segments. The lack of experienceusing composites in the mainstream will drive OEMstowards suppliers who can provide a complete solutionto help navigate through the adoption cycle.

Small companies wishing to prosper in this segmentshould look to provide an increasing proportion of thecomposites value chain. Reducing manufacturing costsand cycle times will offer the greatest potential to grow abusiness in the medium term.

F1

Sports Car / Luxury

Premium / Niche / BEVs

Downwardcascade

Value / Economy / Commercial Vehicles

“Composite materials have an increasinglyimportant role to play in achieving thetargets for fuel efficiency and reducedcarbon dioxide emissions that leadingautomakers are aiming for in the yearsahead.While many composite materialsare already familiar to the motorsportsand supercar sectors, work is underwayto develop the out-of-autoclaveproduction processes necessary formainstream automotive products.”Ian KershawManaging Director, Ricardo Strategic Consulting

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Composites Sector M&A update

M&A activity hit a record high in 2012with a 71% annual increase intransactions. Since 2009 the pace ofdeal activity has been increasingrapidly, albeit from a low base (seeFigure 6), with 90 transactions of which41 (46%) were announced in 2012. M&Aactivity is off to a strong start in 2013.

M&A motivations differ for tradebuyers and PE investors

As discussed above, trade buyersare acquiring targets with compositeprocess technology, geographical reachand long-term customer relationships.They are looking globally for the besttargets and cross-border deals nowaccount for 46% of transactions (seeFigure 7). For example, serial acquirerBinani Industries (India) acquiredUS-based Composite Products in 2011and Belgium glass fibre manufacturer3B from PE owner Platinum Equity(acquired from Owens Corning in2008) for £228 million in 2012.

Private equity investment in compositeshas been limited to date, characterisedby the establishment of platforms andbolt-on acquisitions to gainmanufacturing synergies andconsolidate parts of the value chain.

AGC Aerospace and Defense, thebrand behind the military and aviationinterests of US PE firm Acorn Growth

Companies, added US-basedaerospace structures firm HillAeroSystems to its Composites Groupin 2012 as part of its strategy todevelop a global aerospace compositesand structures platform. This Groupincludes Unitech Composites (acquiredin 2008), and Integrated Composites(acquired in 2009). Acorn has madesignificant investments in plant andequipment across each company.

Composite Technology Investors (CTI),a US-based helicopter rotor blade repaircompany acquired by a syndicate ofPE firms in 2004, acquired VectorComposites in 2010 and the assets ofcomposite utility pole manufacturerUtility Composite Solutions in 2011.CTI will co-locate the companies’manufacturing plants to increasetechnical capabilities andgeographic reach.

There has been some exit activity by PEto both trade buyers and PE. US-basedoil services provider National OilwellVarco acquired Fiberspar, a leadingmanufacturer of advanced spoolablefibre-reinforced composite pipe foroilfield applications, from PE ownerWhite Deer Energy in 2012. White Deerinvested US$50 million in Fiberspar in2010. PE-backed United Initiators’acquisition of Syrgis PerformanceIndicators was a partial exit forEdgewater Capital Partners.

M&A levels reaching new highs

9

5

10

30

35

40

20

25

15

45

02009 2010 2011 2012

2,500

2,000

1,500

1,000

500

0

Num

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Valu

eof

dis

clos

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(£m

illio

ns)

Domestic Cross-border

Value of disclosed deals £m (RHS)

6

5

9

12

12

19

225

0 5 10 15 20 25 3530 40

India

Austria

China

France

UK

Germany

Italy

Switzerland

Netherlands

Spain

US

Num

ber

ofd

eals

by

coun

try

Domestic transaction

Overseas acquirer

23 11

4

5

3

1

2 1

1

1

Others 6

3

2

2

5

4 8

1

1

7

Trade buyerswill keep M&A at

record levels

Private equity areattracted to the sector

Source: Capital IQ, MergerMarket Source: Capital IQ, MergerMarket

Figure 6: Deal volumes and values reachedrecord highs in 2012

Figure 7: Significant number of transactionsinvolve cross-border targets

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If you would like to discuss this report in more detail, please contact us.

Contact us

Ian KershawManaging DirectorRicardo Strategic ConsultingTel: +44 (0) 1223 223 200

Ian is a Managing Director ofRicardo’s strategic consultingdivision and leads Ricardo’s globalfinancial advisory services practice.He has over 27 years of experiencein advanced automotive and aerospace materials,advising on both market and technology insights,generating value from global market and technologytrends, mergers and acquisitions and operationalperformance improvements.

The trends discussed above mean thatM&A in the composites sector willcontinue to reach record annual levelsover the next few years. In particular,we will see:

Raw materials manufacturerssecuring component productioncapacity. Raw materials producers willcontinue to align themselves withdownstream design engineers,component manufacturers and OEMsto secure capacity to support increasingdemand for composite materials. Thiswill include M&A.

OEMs leveraging partnerships toaccess key technologies. Strategicpartnerships will grow as OEMs usethese alliances to secure technologyand access to leading-edge materials,in turn using this expertise in theirdesign and manufacturing processes.

Increasing interest from privateequity which will look for opportunitiesto enter the sector through a platforminvestment as part of a buy and buildstrategy or by acquiring complementaryexisting portfolio holdings.

Prospects for M&A and the sectorDemand for capacityand new technologywill underpin M&A

Mark HumphriesPartnerCatalyst Corporate FinanceTel: +44 (0) 20 7881 2960

Mark is a Partner at Catalyst andhas nearly 20 years of experiencein M&A. He advises on MBOs,fund raising, company acquisitionsand disposals. Mark leads ourIndustrials sector team. Before joining Catalysthe spent three years in the M&A team at FTSE100engineering company GKN plc, leading manycross-border transactions.

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Source: Catalyst Corporate Finance, Capital IQ

Figure 8: Selected recent M&A transactionsDealValue

Date Target Country Description Acquirer Country (£M)

Mar-13 Honeycomb Company USA Manufacture of complex, flight critical, bonded, Overall Capital Partners USA n/dOf America, Inc. composite assemblies for US military aircraft platforms

Mar-13 Firehole Technologies USA Specialises in design and analysis software for Autodesk Inc. USA n/dcomposite materials

Feb-13 Atlas Composites Limited UK Manufacturers composite structures and tooling Senior plc UK n/dfor the automotive, defence and aerospace sectors

Jan-13 Amber Composites UK Production of composite materials TenCate NV Netherlands n/d

Dec-12 Glasforms, Inc USA Produce carbon fibre and fibreglass reinforced PolyOne Corporation USA 20.9composites

Nov-12 Synchronous Aerospace USA Manufacture, fabricate, assemble knit aluminium, Precision Castparts Corp. USA n/dGroup, Inc. steel, titanium, and composite parts

Nov-12 TK Industries GmbH Germany Develop and manufacture carbon fibre based Mitsubishi Rayon Co Ltd Japan n/dmulti-axial non-crimp fabric

Oct-12 Ceradyne, Inc. USA Manufacturer of technical ceramic products 3M Company USA 415.4and components

Oct-12 VELOX GmbH Germany Supplier of raw materials for the plastics, Azelis SA (composite Belgium n/dcomposites, rubber, paints and coatings industries business)

Sep-12 Pacifica Engineering Inc USA Provider of tooling, engineering and design/build Mtorres Disenos Spain n/dservices Industriales SAU

Sep-12 e-Xstream engineering SA Belgium Provider of advanced materials simulation software MSC Software USA n/dCorporation

Sep-12 Bond-Laminates GmbH Germany Manufacture and marketing of advanced LANXESS AG Germany n/dthermoplastic composite materials

Aug-12 Tenmat Limited UK Manufacturer of specialised engineering materials Diamorph AB Sweden n/dand components

Jul-12 Syrgis Performance USA Manufacturer of organic peroxide initiators United Initiators GmbH Germany n/dInitiators, Inc. used in the production of thermoset composites & Co. KG

Jul-12 Sora Composites France Automotive business of Sora Composites Faurecia SA France n/d

Jul-12 Cotesa GmbH (Minority Stake) Germany Manufacturer of fibre reinforced composite Holland Private Equity Netherlands n/dcomponents for applications in aircraft industry

Jul-12 Volvo Aero Sweden Manufacturer of components and sub-assemblies GKN Plc UK 515.2for aircraft engine turbines

May-12 Tellhow Wind Power Blade China Manufacturing, assembling and marketing blades Sinomatech Wind China 21.7Jiangsu Co., Ltd. for wind turbines Power Blade Co Ltd.

May-12 Norafin Industries GmbH Germany Manufacturer of specialty and technical non-wovens PINOVA Capital GmbH Germany n/dand composites

Apr-12 Umeco Plc UK Distribution and supply chain management Cytec Industries Inc. USA 348.3and composite materials manufacturer

Mar-12 Performance Materials USA Design and manufacture fibre thermoplastic TenCate NV Netherlands n/dCorporation Baycomp composite materials and components

Mar-12 Hill AeroSystems Inc. USA Manufacturer of parts and assemblies for aircraft AGC Composites Group USA n/d

Mar-12 Fisipe-Fibras Sinteticas Portugal Manufacturer of acrylic textile fibres SGL Carbon AG Germany n/dde Portugal, S.A.

Feb-12 Sigma Composites Ltd UK Composites engineering group Avingtrans Plc UK n/d

Feb-12 3B-the fibreglass company Belgium Develops fibreglass products and technologies for Binani Industries Ltd. India 228.3the reinforcement of thermoplastics and thermosets

Dec-11 Aksa Akrilik Kimya Turkey Turkey based carbon fibre production assets of Dow Europe GmbH Switzerland 236.2Sanayii A.S. (50% Stake) Aksa Akrilik Kimya Sanayii A.S.

Nov-11 Vistagy, Inc. USA Developer of engineering software Siemens AG Germany n/d

Nov-11 Vermont Composites, Inc. USA Design and fabrication of carbon fibre composites Kaman Aerospace USA 25.1structures for aerospace and industrial markets Corporation

Oct-11 Galen LLC (39.96% Stake) Russia Composite materials manufacturer Russian Corporation of Russia 10.3Nanotechnologies

May-11 Axson Technologies SA France Manufacturer of resins, composites, special Groupe BSR France n/dadhesives and high technology composite materials

Mar-11 Cam Elyaf Sanayii A.S. Turkey Turkey based business unit of Cam Elyaf Sanayii A.S., Poliya Poliester Sanayi Turkey n/dwhich manufactures unsaturated polyester resin ve Tic. Ltd.

Feb-11 OCV Capivari Fibras de Vidro Brazil Brazil-based glass fibre maker Chongqing Polycomp China 36.7Ltda

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