ERJ staff report (PR)
Novi, Michigan – Cooper-Standard Holdings Inc. is forming a 51/49 joint venture with INOAC Corp. of Japan to supply fluid transfer systems products in the Asia Pacific automotive market.
The deal is due to close in the third quarter, with staffing and asset acquisition to start in September, the majority owner and parent of Cooper-Standard Automotive Inc. said 31 July.
The JV, named Cooper Standard INOAC Pte. Ltd, is to begin production in China from around the third quarter of 2015. Expansion into other countries is also planned.
The venture combines Cooper-Standard’s technology and Western OEM relationships with INOAC’s relationships with Japanese OEMs. The two companies together currently operate more than 50 plants throughout the Asia Pacific region.
Products for the new JV are expected to include low pressure, premium hose and transmission oil cooler lines for radiator, emissions, vacuum brakes, turbo chargers, heater, air conditioning and power steering applications.
“Forming a majority-owned joint venture with an established Asian auto parts supplier represents the best opportunity to successfully enter the market,” explained Jeffrey Edwards, chairman and CEO, Cooper Standard.
“INOAC’s extensive footprint throughout Asia, decades of experience with rubber and plastics products, and close relationships with the Japanese OEMs make the company an ideal partner for expanding our fluid transfer systems in the Asia Pacific automotive market,” he said.