Cooper Standard said in an 11 Dec news release that applications include electrical/electronics, health care and complex industrial products.
Cooper Standard will exclusively retain all rights to Fortrex in its product lines and will generate revenue/profit from royalty income based on PolyOne's sale of Fortrex.
"We are excited to have established a relationship with PolyOne," Jeffrey DeBest, president of Cooper Standard's Advanced Technology Group, said in a statement.
"The versatility of the Fortrex material platform combined with PolyOne's broad market access and extensive sales force represents a unique opportunity for both companies.
This agreement will accelerate the advancement of Fortrex chemistry into industries outside of automotive, an important step toward our Company's strategic goal of diverse market growth for our materials science innovations."
Fortrex is a lightweight, elastomeric material platform developed through Cooper Standard's i3 innovation programme.
The compound is claimed to offer significant performance advantages over various synthetic rubbers, thermoplastic vulcanisates and other materials in terms of weight reduction, compression set, weathering and durability.
Cooper Standard said it can take on many forms, including dense extrusions, foams, films and membranes that can be tuned for an endless list of applications and performance solutions.