Novi, Michigan -Â Cooper-Standard Holdings Inc., the parent company of Cooper-Standard Automotive Inc., reported first half sales of $1200 million, up from $1133 a year earlier. Operating profit, pre-tax earning were broadly similar to the same period a year ago, but net income fell to $14.4 million, from $25.5 million a year earlier.
The comapny said the fall in net income was driven by a change in the effective tax rate and an increase in restructuring charges.
"We remain encouraged by our second quarter results as we continue to demonstrate strong operating performance," said Jim McElya, chairman and CEO. "We were pleased to announce the agreement to purchase the Metzeler Automotive Profile Systems (MAPS) German, Italian and Polish operations, including joint venture interests in Asia. This acquisition is another step for the company to continue to grow our market share in Europe and Asia and broaden our global customer base."
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Press release from Cooper-Standard