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DETROIT -- Cooper-Standard Automotive Inc. has completed the purchase of a majority interest in an automotive sealing maker in India.
With the purchase, Cooper-Standard becomes the largest weather-sealing maker in India. It already holds that title in North America and China.
DETROIT -- Cooper-Standard Automotive Inc. has completed the purchase of a majority interest in an automotive sealing maker in India.
With the purchase, Cooper-Standard becomes the largest weather-sealing maker in India. It already holds that title in North America and China.
With the growth of its Asian operations, Cooper-Standard, of suburban Detroit, plans to change the way it splits its business, CEO James McElya told Automotive News at the Detroit auto show this week.
Until now, the privately held parts maker divided its business into a Fluid Systems Division and a Body and Chassis Systems Division. Starting in 2008, it will split off Asian Operations into a separate unit. Those operations currently account for about 10 percent of the company's approximately $3 billion in annual revenues.
As of Dec. 27, Cooper-Standard bought 74 percent of Metzeler Automotive Profiles India Pte. Ltd. (MAP India), of New Delhi, from Automotive Sealing Systems SA.
Toyoda Gosei Co., a member of Japan's Toyota Group, owns the rest.
MAP India's customers include Maruti Suzuki, Toyota, Tata, Mahindra & Mahindra, Fiat Telco, Honda, Ford and General Motors. Its annual revenues are about $26 million.
In August 2007, Cooper-Standard bought Metzeler's sealing systems businesses in Germany, Italy, Poland, Belgium and Belarus, plus a joint-venture interest in China, from Automotive Sealing Systems.
Cooper-Standard ranks No. 71 on the Automotive News list of the top 100 global suppliers with worldwide original-equipment automotive parts sales of $2.16 billion in 2006. |
