"This transaction strengthens Cooper Standard's position in non-automotive and adjacent markets with an organisation that is aligned with us culturally and brings with it mature and established systems, along with excellent performance," Jeffrey Edwards, chairman and CEO of Cooper Standard, said in a statement. "Lauren Manufacturing and Plastics will become part of our portfolio to accelerate our entire sealing offering into new markets."
Cooper Standard said the move will further expand the markets served by its Industrial and Specialty Group, which specialises in accelerating growth and maximising the value of its products and technologies in non-automotive and specialty markets.
The deal expands ISG's sealing product line in key segments, including building and construction, containers and enclosures, distribution and aftermarket, and also brings it specialised products for the automotive and transportation markets.
Lauren employs 500 across four facilities within the two businesses—two sites in New Philadelphia; one in Kent, Ohio; and one in Spring Lake, Michigan. Cooper Standard said Lauren's materials expertise will further strengthen its own extensive material science capabilities. The firm recently added 10 rubber extrusion lines to its operations in New Philadelphia.
Headquartered in Novi, Cooper Standard is a global automotive supplier with products including rubber and plastic sealing, fuel and brake lines, fluid transfer hoses and anti-vibration systems.