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News Release from: Cooper-Standard Automotive World
Edited by the Manufacturingtalk Editorial
Team on 12 June 2007
Acquisition of automotive manufacturing
plants
Cooper-Standard Automotive has agreed to acquire certain operations of Metzeler Automotive Profile Systems in Europe and Asia.
Cooper-Standard Automotive has signed a memorandum of understanding with Automotive Sealing Systems providing for the acquisition by Cooper-Standard of Metzeler Automotive Profile Systems (MAPS) sealing systems operations in Germany, Italy, Poland and Belgium, including joint venture interests in India and China The transaction, which is subject to the execution of a definitive purchase agreement and other conditions including regulatory approvals, is expected to close in the third quarter of 2007
This article was originally published on Manufacturingtalk on 11 Apr 2007 at 8.00am (UK)
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Cooper-Standard's principal shareholders, Goldman Sachs Capital Partners and The Cypress Group will invest new equity in Cooper-Standard as part of the financing of the acquisition.
The MAPS operations to be acquired include eight manufacturing facilities in Europe and participations in joint ventures in India and China.
The consolidated annual sales of these businesses were approximately $400 million in 2006.
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Fiat, BMW, Daimler and Volkswagen Group are among the largest customers of the businesses being acquired.
Cooper-Standard Automotive is a global leader in each of its product lines, which include body and chassis systems and fluid handling systems.
The addition of the MAPS businesses will strongly complement Cooper-Standard's current business in terms of customer base and geographic footprint, with limited overlap.
MAPS is a leader in Europe in the development and manufacture of complete automotive weathersealing systems, and the MAPS businesses to be acquired also produce rubber compounds and sheeting products for various industries.
Jim McElya, chairman and CEO of Cooper-Standard Automotive, said: "This will be a very positive acquisition for Cooper-Standard.
The addition of these Metzeler businesses will significantly expand Cooper-Standard's manufacturing footprint outside of North America and supports our strategy of diversifying our customer base.
The share of our direct sales attributable to our traditional North American original equipment customers will be reduced from approximately 62% to 54%.
This will further establish Cooper-Standard Automotive as a major supplier in the global automotive supply market.
Ed Hasler, president and COO of Cooper-Standard, said: "Both Cooper-Standard and the MAPS operations we are acquiring have a legacy of technical excellence in the design and manufacture of innovative sealing products.
Combining this technical strength with our excellent customer service and global support will help us remain the leader in sealing products for worldwide automotive applications.".
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