ERJ staff report (DS)
Novi, Michigan -- Cooper-Standard Automotive Inc. has bought control of Metzeler Automotive Profiles India Private Limited (MAP India). Cooper described the company as, "the leading manufacturer of automotive sealing products in New Delhi, India." Financial details were not disclosed.
In the transaction, effective from 27 Dec., 2007, Cooper-Standard acquired 74 percent of the equity in MAP India from Automotive Sealing Systems, S.A. (ASSSA). The remaining 26 percent in the joint venture is owned by Toyoda Gosei Co., Ltd.
In August 2007, Cooper-Standard Automotive acquired Metzeler sealing systems businesses in Germany, Italy, Poland, Belgium and Belarus, including a joint venture interest in China, from ASSSA in a related transaction.
MAP India's operations include manufacturing facilities in New Delhi and Gurgaon. Both facilities are dedicated to the production of automotive weather sealing systems and have a combined employment of approximately 1 000. Annual revenue from the operations is approximately $26 million. Toyota, TATA, Mahindra & Mahindra, Maruti-Suzuki, Fiat Telco, Honda, Ford Motor Co., and General Motor Corp. are among the customers supplied by these facilities.
"Vehicle production in India is growing rapidly. In the next year alone, it is expected to grow as much as 35 percent," said Jim McElya, Cooper-Standard Automotive chairman and CEO. "MAP India provides us with a strong presence in India and further solidifies our position as a global leader in sealing systems."
"The MAP India joint venture, combined with our recent acquisition of the Metzeler businesses in both Europe and China, significantly expands our sealing systems manufacturing foot print outside of North America," said Ed Hasler, president and COO, Cooper-Standard Automotive. "It also represents our on-going strategy of diversifying our customer base and applying our technology innovations to vehicles in all regions of the world."
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Press release from Cooper-Standard Automotive