Sealing the deal
Cooper-Standard Automotive, the Michigan-based manufacturer of systems and components for the automotive industry, is to acquire the Metzeler Automotive Profile Systems (MAPS) sealing systems operations in Germany, Italy, Poland and Belgium, including joint venture interests in India and China.
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.
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 $400m in 2006. Fiat, BMW, Daimler and Volkswagen Group are among the largest customers of the businesses being acquired.
MAPS is a developer and manufacturer of complete automotive weathersealing systems, and the MAPS businesses to be acquired also produce rubber compounds and sheeting products for various industries.