Novi, Michigan – Cooper Standard has signed three new technology agreements to supply its elastomeric materials to consumer goods and industrial manufacturers, as it looks to diversify its target markets outside the automotive industry.
Under the agreements, the unnamed partners and Cooper Standard will jointly develop commercial applications of the company’s Fortrex platform, the US components supplier announced 15 Jan.
The two deals bring the total number of the technology agreements signed in 2019 to six.
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.
"We are pleased with the continued growth and evolution of our Advanced Technology Group into diverse markets outside of the automotive industry," said Jeffrey Edwards, chairman and CEO, Cooper Standard.
Cooper Standard established ATG in 2018 with the task to advance the company’s core process types for applications in the industrial and speciality markets.
Integrating acquired businesses Lauren Manufacturing and Lauren Plastics, the unit specialises in applied materials science offerings.
"Interest in our materials science business is growing as we continue to execute our strategy to maximise diversification opportunities," stated Jeffrey DeBest, president, ATG, Cooper Standard.
In addition to materials licensing, Cooper Standard also supplies custom-formulated Fortrex material compounds and converted products.
With first material orders anticipated in 2021, Cooper Standard expects the material supply business model to be “highly complementary” to its traditional product manufacturing business.