Novi, Michigan -Â Cooper-Standard Automotive Inc. and Automotive Sealing Systems SA have signed a definitive sale and purchase agreement in which Cooper- Standard will buy Metzeler Automotive Profile Systems (MAPS) sealing systems operations in Germany, Italy, Poland and Belgium, including joint venture interests in India and China.
The deal confirms the previously announced Memorandum of Understanding between the parties.
The transaction, which is valued at approximately euro 100 million, is subject to certain conditions including regulatory approvals, and is expected to close in the third quarter of 2007. Cooper-Standard's principal shareholders, Goldman Sachs Capital Partners and The Cypress Group, will invest a total of euro 20 million of 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 US $400 million in 2006. Fiat, BMW, Daimler and Volkswagen Group are among the largest customers of the businesses being acquired.
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Press release from Cooper-Standard