Cooper-Standard Automotive, Inc. recently announced 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 100 million euros, subject to post- closing adjustments. Cooper-Standard's principal shareholders, Goldman Sachs Capital Partners and The Cypress Group, invested a total of US $30 million of new equity in Cooper-Standard as part of the financing of the acquisition.
The MAPS operations that were acquired include eight manufacturing facilities in Europe and participation in a joint venture in China. The combined annual sales of these businesses were approximately US $400 million in 2006. Fiat, BMW, Daimler and Volkswagen Group are among the largest customers of the acquired businesses.
Cooper-Standard Automotive is a leader in each of its product lines, which include body and chassis systems and fluid handling systems. The addition of the MAPS businesses will strongly complement Cooper Standard's current business in terms of customer base and geographic footprint, with limited overlap. MAPS is a leader in Europe in the development and manufacture of complete automotive weathersealing systems. The acquired businesses also produce rubber compounds and sheeting products for various industries.
"We are pleased to complete this transaction and add the Metzeler operations to the Cooper-Standard family," says Jim McElya, chairman and chief executive officer of Cooper-Standard Automotive. "Our combined teams will create exciting growth opportunities for Cooper Standard, our customers and our employees."
Ed Hasler, president and chief operating officier of Cooper-Standard, adds: "Metzeler's sealing products, engineering and manufacturing talent and key customers complement Cooper-Standard's business and extend our ability to deliver outstanding products and services to the global automotive industry."
For more information about Cooper-Standard's recent acquisition of the MAPS operation, visit the company's Web site.