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US: Cooper-Standard completes Metzeler acquisitions

By just-auto.com editorial team | 3 September 2007

Cooper-Standard Automotive Inc. has announced it has completed the 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 S.A. in accordance with the previously announced sale and purchase agreement between the parties.

The transaction is valued at approximately EUR100m, subject to post- closing adjustments. Cooper-Standard's principal shareholders, Goldman Sachs Capital Partners and The Cypress Group invested a total of USD30m of new equity in Cooper-Standard as part of the financing of the acquisition.

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 USD400m in 2006.

Fiat, BMW, Daimler and Volkswagen Group are among the largest customers of the acquired businesses.

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."