NOVI, MI — Cooper-Standard Automotive has signed a Memorandum of Understanding to acquire the sealing systems operations of Metzeler Automotive Profile Systems (MAPS). The MAPS operations to be acquired include eight manufacturing facilities in Europe and participations in joint ventures in India and China.
In Europe, MAPS is a leader in the development and manufacture of complete automotive weather sealing systems. The MAPS sealing systems operations also produce rubber compounds and sheeting products for various industries. The consolidated annual sales of these businesses were approximately $400 million in 2006. Fiat, BMW, Daimler and Volkswagen Group are among the businesses’ largest customers.
Cooper-Standard’s principal shareholders, Goldman Sachs Capital Partners and The Cypress Group will invest new equity in Cooper-Standard as part of the financing of the acquisition.
Jim McElya, chairman and CEO of Cooper-Standard Automotive, said, "This will be a very positive acquisition for Cooper-Standard. The addition of these Metzeler businesses will significantly expand Cooper-Standard’s manufacturing footprint outside of North America and supports our strategy of diversifying our customer base. The share of our direct sales attributable to our traditional North American original equipment customers will be reduced from approximately 62 percent to 54 percent. This will further establish Cooper-Standard Automotive as a major supplier in the global automotive supply market.”
Ed Hasler, president and COO of Cooper-Standard, said, "Both Cooper-Standard and the MAPS operations we are acquiring have a legacy of technical excellence in the design and manufacture of innovative sealing products. Combining this technical strength with our excellent customer service and global support will help us remain the leader in sealing products for worldwide automotive applications."
The transaction, which is subject to the execution of a definitive purchase agreement and other conditions including regulatory approvals, is expected to close in the third quarter of 2007.
For more information about Cooper-Standard Automotive, go to: http://www.cooperstandard.com.
