Cooper-Standard to buy eight Metzeler profiles operations

Novi, Michigan - Cooper-Standard Automotive Inc. is planning to buy the Metzeler Automotive Profile Systems (MAPS) sealing systems operations in Germany, Italy, Poland and Belgium, including joint venture interests in India and China. The two companies have signed a Memorandum of Understanding and expect the deal to be completed before October.

The transaction is subject to the execution of a definitive purchase agreement and other conditions including regulatory approvals. 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.

The MAPS operations to be acquired include eight manufacturing facilities in Europe and participations in joint ventures in India and China. The consolidated annual sales of these businesses were approximately $400 million in 2006. Fiat, BMW, Daimler and Volkswagen Group are among the largest customers of the businesses being acquired.

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% to 54%. This will further establish Cooper-Standard Automotive as a major supplier in the global automotive supply market.

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Press release from Cooper-Standard