ERJ staff report (R&PN)
Novi, Michigan - Market conditions aren't ripe, so the holding company that owns Cooper Standard Automotive has decided to hold off selling the company.
The board of Cooper-Standard Holdings Inc. the parent company of Cooper Standard Automotive Inc., disclosed in a notice on the firm's website that it â€œhas decided to discontinue its evaluation of a possible sale of the company.â€ The notice said the board will continue to review, â€œopportunities to enhance shareholder value.â€
In September the company hired an investment banker to look into a possible sale, merger, joint venture or other change for the maker of automotive body sealing and fluid handling systems. Beyond that, the firm won't comment on its action.
Cooper Standard was under bankruptcy court protection from August 2009 until May 2010, and is owned by hedge funds, including Silver Point Capital and Oak Hill Advisors.
The company employs 21,000 globally and operates in 19 countries.
From Rubber & Plastics News (A Crain publication)