NOVI, Mich. – Cooper-Standard Holdings Inc., parent company of Cooper-Standard Automotive Inc., has announced plans to restructure its European manufacturing footprint based on current and anticipated market demands.
The company aims to further improve Cooper Standard’s European capabilities by removing excess capacity, improving cost structure and shifting some production to its Eastern European facilities. Actions in the restructuring will include consolidation of operations to improve efficiencies and closure or downsizing of certain facilities with high costs and unutilized capacity in Western Europe, including Germany and France. The company said it expects to complete these restructuring activities by the end of 2017.
“Restoring our competitive position in Europe is critical to our strategy of driving profitable growth and becoming a top 30 global automotive supplier,” said Jeffrey Edwards, chairman and CEO, Cooper Standard. “A healthy European business is also essential to ensuring that Cooper Standard is properly positioned to support our local and global customers.”
Cooper Standard expects to recognize total expense related to these actions of approximately $120 million to $125 million over the next three years. Cooper Standard anticipates these restructuring activities to provide approximately $50 million to $55 million in annualized savings after completion.
