Cooper Standard Agrees to Acquire Lauren Manufacturing and Lauren Plastics to Accelerate Growth in Key Industrial Markets
NOVI, Mich., July 3, 2018 /PRNewswire/ -- To further expand markets served by its Industrial and Specialty Group (ISG), Cooper Standard (NYSE: CPS) today announced its agreement to acquire Lauren Manufacturing and Lauren Plastics, subject to regulatory approvals and related parties' consent. The to be acquired companies are extruders and molders of organic, silicone, thermoplastic and engineered polymer products with expertise in sealing solutions for industrial and specialty automotive applications. Terms of the acquisition were not disclosed.
The ISG business of Cooper Standard is responsible for accelerating growth and maximizing the value of the Company's products and technologies in non-automotive and specialty markets. This acquisition expands ISG's sealing product line in key segments, including: building and construction; containers and enclosures; distribution and aftermarket; as well as specialized products for the automotive and transportation markets.
"This transaction strengthens Cooper Standard's position in non-automotive and adjacent markets with an organization that is aligned with us culturally and brings with it mature and established systems, along with excellent performance," said Jeffrey Edwards, chairman and CEO of Cooper Standard. "Lauren Manufacturing and Plastics will become part of our portfolio to accelerate our entire sealing offering into new markets."
Cooper Standard is pleased to welcome more than 500 Lauren employees across four facilities – two in New Philadelphia, Ohio; one in Kent, Ohio; and one in Spring Lake, Mich. – to the Cooper Standard family. In addition to its talented and experienced employees, the acquired companies' materials expertise will further strengthen Cooper Standard's extensive material science capabilities.
About Cooper Standard
Cooper Standard, headquartered in Novi, Mich., is a leading global supplier of systems and components for the automotive industry. Products include rubber and plastic sealing, fuel and brake lines, fluid transfer hoses and anti-vibration systems. Cooper Standard employs approximately 32,000 people globally and operates in 20 countries around the world. For more information, please visit www.cooperstandard.com.
About ISG
The Industrial and Specialty Group (ISG) is a dedicated group within Cooper Standard that is responsible for accelerating growth and maximizing the value of Cooper Standard's products and technologies in non-automotive and specialty markets. ISG leverages the significant investments in technology and innovation made by Cooper Standard to bring OEM quality to markets that require cost-effective and high-quality products. For more information, please visit: www.cooperstandard-ISG.com.
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Contact:
Sharon S. Wenzl
Cooper Standard
(248) 596-6211
sswenzl@cooperstandard.com
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SOURCE Cooper Standard
