Cooper Standard takes up majority equity in Chinese auto seal firm

Cooper Standard Holdings Inc. (CPS), the parent company of Cooper-Standard Automotive Inc. has agreed to purchase an additional 47.5% of Huayu-Cooper Standard Sealing Systems, its joint venture with Huayu Automotive Systems. Upon completion, Cooper Standard will become the 95% equity owner of the business, while 5% will be retained by the Shanghai Zhaotun Collective Assets Managing Co. This acquisition is anticipated to close in the first quarter of 2015 and is subject to Chinese regulatory and other approvals.

The 2013 sales of Huayu-Cooper Standard Sealing Systems, on a combined basis, were US$187 million. Following the closing of this acquisition, Cooper Standard will own nine manufacturing facilities and two technical centres in China, and will be the largest automotive sealing manufacturer in the domestic Chinese market.

"This transaction is an important element in our growth strategy and positions Cooper Standard as the clear leader in sealing and trim systems in the China automotive market," said Jeffrey Edwards, Chairman/CEO, Cooper Standard. "With this purchase, Cooper Standard will be able to better support our customers on global platforms produced in China, as well as capitalise on growth opportunities with domestic Chinese automakers."

Last month Cooper Standard also announced a joint venture with Inoac Corp. of Japan to expand the reach of its fluid transfer systems products. The deal is expected to close in the third quarter, with Cooper Standard to take up 51% equity. Cooper Standard also opened its Asia Pacific technical centre in Shanghai last month and the relocation of its Asia Pacific headquarters from Kunshan, China, to the new Shanghai facility. http://www.injectionmouldingasia.com/aug2014/news3.html

Cooper Standard, headquartered in the US and is a leading global supplier of systems and components for the automotive industry. Products include sealing and trim, fuel and brake delivery, fluid transfer and anti-vibration systems. Cooper Standard employs more than 25,000 people globally and operates in 19 countries around the world.

(IMA)

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