NOVI, Mich., June 30, 2014 /PRNewswire/ -- Cooper-Standard Holdings Inc. (NYSE: CPS), the parent company of Cooper-Standard Automotive Inc. ("Cooper Standard"), today announced that Cooper Standard has entered into an agreement with Halla Visteon Climate Control Corp. ("HVCC") (KS: 018880) to sell HVCC its thermal and emissions product line. The company said the sale allows Cooper Standard to focus on the product lines where it holds a leading market position and can gain the greatest competitive advantage.
"A strategic decision was made to divest our thermal and emissions product line and allow the company to focus resources on our four core product groups: sealing and trim, fuel and brake delivery, fluid transfer and anti-vibration systems," said Jeffrey Edwards, chairman and CEO, Cooper Standard. "We will work closely with HVCC to ensure a smooth transition."
Cooper Standard products, including exhaust gas recirculation modules, electronic coolant pumps and valves, electronic wastegate actuators and electronic throttle bodies, as well as related assets from operations in North America, Germany, France and the Czech Republic along with certain engineering and other resources in North America and Germany are intended to transfer to existing HVCC locations over the next several months as a part of the transaction.
The sale is subject to adjustment, certain regulatory and other approvals and is expected to be finalized in the third quarter of 2014.
About Cooper Standard
Cooper Standard, headquartered in Novi, Mich., is a leading global supplier of systems and components for the automotive industry. Products include sealing and trim, fuel and brake delivery, fluid transfer and anti-vibration systems. Cooper Standard employs more than 25,000 people globally and operates in 19 countries around the world. For more information, please visit www.cooperstandard.com.
About Halla Visteon Climate Control
Halla Visteon Climate Control (HVCC) is a full-line automotive supplier of climate systems and components. Products include heating ventilation and air conditioning; compressors; powertrain cooling; fluid transport; and electric, hybrid and fuel cell vehicle thermal systems. With 35 manufacturing sites supported by four global technical centers in 19 countries, HVCC employs nearly 14,500 people.
HVCC is a 70-percent owned subsidiary of Visteon Corporation (NYSE: VC) and is traded on the Korea Stock Exchange. Learn more at www.hvccglobal.com/En.
About Visteon
Visteon is a leading global automotive supplier delivering value for vehicle manufacturers and shareholders through businesses including Halla Visteon Climate Control Corp., Visteon Electronics and Visteon Interiors. Visteon designs, engineers and manufactures innovative components and systems for virtually every vehicle manufacturer worldwide. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; Visteon has facilities in 29 countries and employs about 24,000 people. Visteon had sales of $7.4 billion in 2013. Learn more at www.visteon.com.
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SOURCE Cooper-Standard Holdings Inc.
