Cooper Standard restructuring European operations; savings of US$50 mn/year

US supplier of systems and components for the automotive industry, Cooper-Standard Holdings, the parent company of Cooper-Standard Automotive Inc. is restructuring its European manufacturing footprint based on current and anticipated market demands. The restructuring effort aims to further improve Cooper Standard's European capability by removing excess capacity, improving cost structure and shifting some production to its Eastern European facilities.

Actions include consolidation of operations to improve efficiencies and closure or downsizing of certain facilities with high costs and unutilised capacity in Western Europe, including Germany and France. Cooper Standard expects to complete these restructuring activities by the end of 2017. The actions announced are subject to consultation with employee works councils and other approvals.

"Restoring our competitive position in Europe is critical to our strategy of driving profitable growth and becoming a top 30 global automotive supplier," said Jeffrey Edwards, Chairman/CEO of the Michigan-headquartered Cooper Standard. "A healthy European business is also essential to ensuring that Cooper Standard is properly positioned to support our local and global customers."

Cooper Standard expects to recognise total expense related to these actions of approximately US$120-$125 million over the next three years. It anticipates these restructuring activities to provide approximately US$50-$55 million in annualised savings after completion.

The company makes sealing, fuel and brake delivery, fluid transfer and anti-vibration systems, employs more than 27,000 people globally and operates in 20 countries around the world.

(IMA)

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