6 Dec 2005
Novi, Michigan --Cooper-Standard Automotive Inc. has reached a deal to buy ITT Industries Inc.'s automotive fluid handling systems business for about $205 million.
The acquisition is expected to close in the first quarter of next year and is subject to the normal closing conditions and regulatory approvals.
The ITT unit posted 2004 sales of $437 million and makes plastic and steel tubing for fuel and brake lines and quick-connects. It employs 3500 people in seven countries, with manufacturing sites in the US, Canada, Mexico, Germany, France and the Czech Republic.
Jim McElya, Cooper-Standard president and CEO, said the purchase will help his firm provide customers "with a more complete line of fluid management solutions for new vehicle platforms."
A Cooper-Standard spokesman said the deal would put the firm as the No. 2 global company in automotive fluid products, trailing TI Automotive.
From Rubber & Plastics News (A Crain publication)
Press release from Cooper-Standard
ITT Industries to sell auto brakes unit Reuters (US)
Subscribe for unlimited access. A subscription to European Rubber Journal includes:
Already a subscriber? Log in here
