Cooper-Standard Holdings Inc. (NYSE: CPS), the parent company of Cooper-Standard Automotive Inc. (“Cooper Standard”), today announced its intention to restructure its European manufacturing footprint based on current and anticipated market demands. The restructuring effort aims to further improve Cooper Standard’s European capability by removing excess capacity, improving cost structure and shifting some production to its Eastern European facilities. Actions include consolidation of operations to improve efficiencies and closure or downsizing of certain facilities with high costs and unutilized capacity in Western Europe, including Germany and France. Cooper Standard expects to complete these restructuring activities by the end of 2017. The actions announced today are subject to consultation with employee works councils and other approvals.
“Restoring our competitive position in Europe is critical to our strategy of driving profitable growth and becoming a top 30 global automotive supplier,” saidJeffrey Edwards, chairman and CEO, Cooper Standard. “A healthy European business is also essential to ensuring that Cooper Standard is properly positioned to support our local and global customers.”
Cooper Standard expects to recognize total expense related to these actions of approximately $120-$125 million over the next three years. Cooper Standard anticipates these restructuring activities to provide approximately $50-$55 million in annualized savings after completion.
