Winona-based Composite Products Inc. was sold to Braj Binani Group, Mumbai-based an Indian conglomerate that is expanding into the composite materials field for an undisclosed amount. CPI specializes in long-fiber composite materials.
CPI President Derek Mazula said the move is a merger that helps both companies. For Braj Binani, it allows the company to gain a foothold in the composite industry. For CPI, the merger will allow it to “make strategic” decisions so it can expand its products and customer base, Mazula said.
The merger means production at CPI will increase, and more jobs can be expected, Mazula said. Currently, CPI has between 50 and 60 employees. CPI’s customer list includes Ford, GM, Chrysler, John Deere, Bombardier and Johnson Outboards.
CPI will be renamed CPI Binani, and Mazula, as well as chief executive and founder Ron Hawley, will continue in their current positions and take two of the five seats on Braj Binani’s board of directors.
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