Braj Binani Group merges with US based CPI
The Braj Binani Group has announced 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 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, Ron Hawley, founder of CPI, will continue as CEO of CPI Binani, Inc. and serve as a board member. “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," said Mr Hawley on this association.
The newly incorporated CPI Binani will have a five-person Board. 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.”