Cooper-Standard Holdings Inc. (NYSE: CPS), the parent company of Cooper-Standard Automotive Inc. (“Cooper Standard”), today announced the completion of its purchase of Huayu Automotive System Co.’s share in Huayu-Cooper Standard Sealing Systems Co., Ltd. Cooper Standard is now 95 percent equity owner of the business with 5 percent retained by the Shanghai Zhaotun Collective Assets Managing Co.
“The completion of this purchase further solidifies Cooper Standard’s role as the leading sealing systems supplier in the global automotive industry,” saidJeffrey Edwards, chairman and CEO, Cooper Standard. “Our expanded presence in China is a key element of our profitable growth strategy and allows the company to fully support our customers on global platforms and capitalize on growth opportunities in the region.”
As a result of the transaction, Cooper Standard is now the largest automotive sealing manufacturer in the domestic Chinese market with nine manufacturing facilities and two technical centers, including its recently opened Asia Pacific Technical Center and headquarters in Shanghai.
