Cooper Standard to buy control of China automotive sealing JV
ERJ staff report (PR)
Novi, Michigan – Cooper-Standard Holdings Inc. is to purchase an additional 47.5 percent of Huayu-Cooper Standard Sealing Systems Co. Ltd - its joint venture with Huayu Automotive Systems Co., Cooper Standard announced 4 Sept.
Subject to Chinese regulatory and other approvals, the deal would make Cooper Standard the 95 percent equity owner of the business.
The remaining 5 percent is to be retained by the Shanghai Zhaotun Collective Assets Managing Co., under the acquisition, which is expected to close in the first quarter of 2015.
Huayu-Cooper Standard Sealing Systems, which generated sales of $187 million (€144m) in 2013. With the acquisition, Cooper Standard said it will own nine manufacturing facilities and two technical centres in China, and be the largest automotive sealing maker in the domestic Chinese market.
“This transaction is an important element in our growth strategy and positions Cooper Standard as the clear leader in sealing and trim systems in the China automotive market,” said Jeffrey Edwards, chairman and CEO, Cooper Standard.