Novi, Michigan – Cooper-Standard Automotive Inc. is to downsize its European manufacturing capabilities in-line with "current and anticipated market demands," parent group Cooper-Standard Holdings Inc., announced 21 Jan.
The restructuring is expected to cost $120-$125 million over the next three years, but to deliver around $50-$55 million in annualised savings after completion.
The restructuring plan will involve removing excess capacity and shifting some production to lower cost facilities in eastern European. It will include closures or downsizing of certain facilities with high costs and unutilized capacity in western Europe, including Germany and France.
Cooper Standard did not specify which facilities would be affected or the number of job losses under the plan, which is expected to be completed by the end of 2017.
“Restoring our competitive position in Europe is critical to our strategy of driving profitable growth and becoming a top 30 global automotive supplier,” said Jeffrey Edwards, chairman and CEO, Cooper Standard.
“A healthy European business is also essential to ensuring that Cooper Standard is properly positioned to support our local and global customers,” added Edwards.