Shearman & Sterling advised Mitsubishi Rayon Co., Ltd. on the acquisition of majority shares of Wethje Holding GmbH. The completion of the share purchase agreement is still subject to antitrust approval.
The seller is CROSS Industries Group, an Austrian industrial company focusing on the automotive sector. It will retain a stake of Wethje Group and remain a long-term strategic partner. Moreover, Mitsubishi Rayon and CROSS Industries intend to run the company's business together.
Founded in 1979 and based in southern Germany, Wethje Group specializes in the development and manufacturing of carbon-fiber reinforced plastic parts. Its customers include both automobile manufacturers and companies from the aviation industry.
Mitsubishi Rayon Co., Ltd. engages in the production of chemicals, synthetic plastics, synthetic fibers, carbon fibers and composite materials.
The parent company, Japanese chemicals conglomerate Mitsubishi Chemical Holdings, employs approximately 56,000 people and anticipates 2013 revenues of ¥3,498.8 billion.