ERJ staff report (DS)
Novi, Michigan -- Cooper Standard has bought the automotive sealing business of Sigit S.p.A. effective Jan. 1, 2012. The business acquired in the transaction is operated primarily from Sigit's manufacturing locations in Chivasso, Italy and Poland. Terms of the sale were not disclosed.
Sigit Sealing has supplied the automotive industry since 1966 and currently supplies global automakers, including Fiat S.p.A., Ford Motor Co., General Motors Co., Renault, Volkswagen, and major Tier 1 suppliers, including Denso, Johnson Controls, Lear and TRW.
Through the acquisition, Cooper Standard will consolidate the machinery, contracts and intellectual property of Sigit's sealing business, as well as approximately 80 employees,into Cooper Standard's existing Cirie, Italy; Battipaglia, Italy; and Piotrkow, Poland operations. The transition is slated to occur over the next four to six months.
â€œThe Sigit sealing acquisition is another important step in further expanding Cooper Standard's global leadership in the sealing business,â€ said Jim McElya, chairman and CEO, Cooper Standard. â€œConsolidating Sigit's sealing capabilities into our existing operations broadens our supply relationship with global OEM customers and allows us to better support their growing needs on global vehicle platforms.â€
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Press release from Cooper Standard