Cooper-Standard Automotive has
completed its acquisition of the Metzeler Automotive Profile Systems (MAPS)
sealing systems operations in Germany, Italy, Poland and Belgium, including
a joint venture interest in China. The operations are being acquired from
Automotive Sealing Systems for about €100 million.
Cooper-Standard’s principal shareholders, Goldman Sachs Capital
Partners and the Cypress Group, have invested US $30 million of new equity
in Cooper-Standard to help pay for the deal.
The MAPS operations acquired include eight manufacturing facilities in
Europe and participation in a joint venture in China. The combined annual
sales of these businesses were approximately US $400 million in 2006.
Fiat, BMW, Daimler and Volkswagen Group are among customers.
Cooper-Standard Automotive says the MAPS businesses will strongly complement
its own current business in terms of customer base and geographic footprint,
with limited overlap. MAPS is a leader in Europe in the development and
manufacture of complete automotive weathersealing systems. The acquired
businesses also produce rubber compounds and sheeting products for various
industries.
Jim McElya, chairman and CEO of Cooper-Standard Automotive, said: "We
are pleased to complete this transaction and add the Metzeler operations
to the Cooper-Standard family. Our combined teams will create exciting
growth opportunities for Cooper-Standard, our customers, and our employees.”
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