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Cooper-Standard Acquires Majority Interest in Metzeler India
Joint Venture
Novi, Mich., January 24, 2008 - Cooper-Standard Automotive Inc. today announced it has completed the acquisition of the majority joint venture interest of Automotive Sealing Systems, S.A. (ASSSA) in Metzeler Automotive Profiles India Private Limited (MAP India), the leading manufacturer of automotive sealing products in New Delhi, India. In the transaction, effective as of December 27, 2007, Cooper-Standard acquired 74 percent of the equity shares of MAP India. The remaining 26 percent in the joint venture is owned by Toyoda Gosei Co., Ltd. In August 2007, Cooper-Standard Automotive acquired Metzeler sealing systems businesses in Germany, Italy, Poland, Belgium and Belarus, including a joint venture interest in China, from ASSSA in a related transaction.
MAP India's operations include manufacturing facilities in New Delhi and Gurgaon. Both facilities are dedicated to the production of automotive weather sealing systems and have a combined employment of approximately 1,000. Annual revenue from the operations is approximately $26 million. Toyota, TATA, Mahindra & Mahindra, Maruti-Suzuki, Fiat Telco, Honda, Ford Motor Co., and General Motor Corp. are among the customers supplied by these facilities.
"Vehicle production in India is growing rapidly. In the next year alone, it is expected to grow as much as 35 percent," said Jim McElya, Cooper-Standard Automotive chairman and CEO. "MAP India provides us with a strong presence in India and further solidifies our position as a global leader in sealing systems."
Cooper-Standard is a global leader in each of its product lines, which in addition to sealing systems includes noise, vibration and harshness systems, along with fluid handling systems. The company already has a presence in India, with Fluid Systems Division facilities in Chennai and Pune.
"The MAP India joint venture, combined with our recent acquisition of the Metzeler businesses in both Europe and China, significantly expands our sealing systems manufacturing foot print outside of North America," said Ed Hasler, president and COO, Cooper-Standard Automotive. "It also represents our on-going strategy of diversifying our customer base and applying our technology innovations to vehicles in all regions of the world."
About Cooper-Standard Automotive
Cooper-Standard Automotive Inc., headquartered in Novi, Mich., specializes in the manufacture and marketing of systems and components for the global automotive industry. Its primary businesses include Body and Chassis Systems, consisting of sealing, noise, vibration, and harshness control parts, and Fluid Handling Systems, consisting of subsystems and components that direct, control, measure, and transport fluids and vapors throughout a vehicle. Cooper-Standard Automotive Inc. employs more than 19,000 across 80 facilities in 19 countries. For more information, visit the company's Web site at: www.cooperstandard.com.
Since 1986, Goldman Sachs has raised thirteen private equity and mezzanine investment funds aggregating $56 billion of capital commitments. GS Capital Partners is the private equity vehicle through which The Goldman Sachs Group, Inc. conducts its privately negotiated corporate equity investment activities. GS Capital Partners is currently investing its GS Capital Partners VI fund. GS Capital Partners is a global private equity group with a focus on large, sophisticated business opportunities in which value can be created through leveraging the resources of Goldman Sachs.
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