Novi, Michigan – Cooper-Standard Holdings Inc. has reported a 2.1% rise, year-on-year, in second quarter sales to $928.3 million (€795 million) and earnings (adjusted EBITDA) of $107.9 million up from $113.8 million a year ago.
This equated to a decline in the company’s adjusted EBITDA margin to 11.6%, compared to 12.5% in the second quarter of 2017, the company pointed out in a 31 July announcement.
Despite challenging market conditions in the quarter Jeffrey Edwards, chairman and CEO said: "We are on pace for a record year of new business awards and our focus on driving cost efficiencies generated nearly $22 million in savings within our core business.”
Edwards also expects performance improvements in the second half of 2018 on the back of recent acquisitions and as the volume and mix of vehicle production returns to planned levels, especially in North America.
During the second quarter, Cooper Standard launched 51 new ‘customer programs’ and was awarded $144 million in annual net new business. New contract awards for, totaled $49 million. It has also since received its first production order for Fortrex sealing products in China.
During the second quarter, the company agreed to acquire a majority stake in the automotive business of LS Mtron of South Korea that includes brake jounce lines and charged air cooling components.
Cooper Standard subsequently announced an deal to acquire Lauren Manufacturing and Lauren Plastics from Lauren International as part of its strategy to further diversify outside of the automotive industry.