Cooper-Standard reveals MAPS financial data

Novi, Michigan - The Metzeler Automotive profiles Systems (MAPS) operations being acquired by Cooper-Standard have been -at best - breaking even for the last two years, according to data released by Cooper-Standard.

Cooper-Standard said unaudited sales of the operations in the 12 months to 31 March, 2007 amounted to €317.9 million, while sales in the most recent fiscal year, to 31 December 2006, were €312 million, an improvement on the €281 million reported in the 12 months to December 2005.

CVC declined to give any data about MAPS as a whole, but on their website, they report sales for the 12 months to December 2005 as €745 million.

Cooper said the net income for the operations it is acquiring for the 12 months ended March 2007 was just €2.2 million, while EBITDA was €24 million. The company spent €13.4 million on capital expenditure in the period.

Figures for the 12 months to December 2006 and December 2005 were broadly similar, said Cooper-Standard.

Cooper-Standard is acquiring the MAPS operations in Germany, Italy, Poland and Belgium including joint venture interests in India and China (the “Business”), for €100 million in cash.

Yesterday, ERJ reported that CVC is selling at least one factory in France to a group of managers, but the managers said they were unable to give further details for a month or so.

MAPS also operates plants in Spain, Romania, Ireland, England, US, Canada, & Mexico as well as a technical centre in France. CVC declined to comment on the future of these operations.

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Financial statement from Cooper Standard

Headline Source (country)

Headline Source (country)