Cooper Standard, a leading global supplier of systems and components for the automotive industry, has announced that it has completed the divestiture of its anti-vibration systems (AVS) business to Continental AG. The total sale price of the transaction was $265.5 million (Rs 1,677 crore), subject to certain adjustments. The completion of the deal comes five months after it was first announced on November 2, 2018.
The transaction included facilities in Auburn, Ind., Mitchell, Ontario, Rennes, France, as well as AVS-related assets in Poland and China, and an equity interest in a joint venture in India, the Mumbai-based Sujan Cooper Standard (SCS), a joint venture between India’s Sujan Group and the US-based Cooper Standard.
Cooper Standard's anti-vibration systems expertise Cooper Standard offers a comprehensive suite of high-quality anti-vibration systems, technologies and products to automotive OEMs that mitigate vehicle NVH (noise, vibration and harshness), and enhance ride and handling.
It is a full service global supplier with manufacturing and technical centers in North America, Europe and Indo-Asia. Over the years, it has become a trusted anti-vibration system supplier to Ford, GM, Chrysler, PSA Peugeot-Citroen, Renault-Nissan, India's Mahindra & Mahindra and many other global automotive OEMs.
All of Cooper Standard's anti-vibration products are developed using a cost effective, technology-focused approach. The focus is on providing systems solutions to meet customer requirements and vehicle-specific characteristics – linking technology to vehicle performance and cost targets. The company has extensive experience and expertise in Material development; Predictive component analysis and systems simulation; Product design and optimisation; Hands-on tuned system integration; Component validation and vehicle testing; Lightweight materials; and Manufacturing process simulation and technology development.
"The successful closing of the AVS divestiture is another important milestone in executing our profitable growth strategy," said Jeffrey Edwards, chairman and CEO of Cooper Standard. "The net cash proceeds obtained from this transaction further bolster our healthy balance sheet, providin ample liquidity to support future growth in sealing, fuel and brake delivery and fluid transfer systems as well as our materislas science business."
The divested AVS business has approximately 1,000 employees and offers a comprehensive portfolio of anti-vibration systems, technologies and products to automotive OEMs that mitigate vehicle NVH (noise, vibration and harshness), and enhance ride and handling. Cooper Standard will work closely with Continental AG to ensure a smooth transition for all stakeholders.
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