TenCate takes next steps in automotive
In the middle of January 2013 TenCate reached an agreement on the acquisition of Amber Composites, a British manufacturer of thermoset composites for the industrial and automotive sectors. The takeover fits in with the growth that TenCate is pursuing in industrial markets, such as tooling materials, the automotive industry, and oil and gas extraction. Now the portfolio of TenCate Advanced Composites is as a one stop shop in balance in terms of not only technology and product portfolio but also geography.
The buy & build strategy of the whole corporation is currently focused on composite activities. The largest part of the worldwide composite market consists of thermoset materials. The activities of TenCate in this respect are concentrated in the United States of America and are focused predominantly on space and radome applications. In Europe TenCate Advanced Composites mainly produces thermoplastic composites for aircraft applications. TenCate is market leader in this field and enjoys a unique technological position. The company is pursuing further growth in industrial markets, such as the automotive, tooling, and oil and gas extraction (transport pipes) sectors. The recent takeovers of Amber Composites and in 2012 of PMC Baycomp have provided TenCate with additional technologies and a complementary product portfolio. The recent takeovers support expansion into new markets.
Reaction to the takeover has been positive. ‘Customers are extremely enthusiastic,’ says Frank Meurs, group director TenCate Advanced Composites EMEA. ‘And the suppliers too. They can see that, although Amber Composites has excellent technology available, it was too small to be able to qualify for certain orders. Now it can. Amber is a more stable partner in de supply chain for all market parties. Of the five takeover options open to the management, TenCate was considered the best. It is seen as a good development.’
‘As part of our buy & build strategy, we continue to look at companies that will enable TenCate Advanced Composites to increase its scope, both geographically and in terms of product portfolio,’ adds Dave Clarke (worldwide group director). ‘Amber Composites neatly dovetails with us strategically and increases our opportunities in thermoset in Europe. It also enables TenCate to enter new markets where Amber has proved itself.’