The reason Gov. Rick Scott's net income rose 55 percent in 2017 has to do with electric cars, China partnerships, a company turnaround, and a single transaction that resulted in a revenue boost of as much as $550 million to the governor and his family.
Continental Structural Plastics, a Michigan-based company that supplies lightweight plastic components to the automotive industry, sold for $825 million on Jan. 3, 2017 to a Japanese conglomerate. The company, bought by Scott in 2005 for an undisclosed price, was one of the largest assets in the millionaire governor's portfolio.
Documents filed with the U.S. Securities and Exchange Commission, the Japanese Financial Services Agency, and the Florida Commission on Ethics — and reviewed by the Herald/Times — show that Scott and his family controlled 66.7 percent of CSP at the time it was sold, a transaction that Scott did not have to report on his annual financial disclosure form filed June 29. Read more here.