Cooper-Standard Holdings Inc. (NYSE: CPS), the parentcompany of Cooper-Standard Automotive Inc. (“Cooper Standard”), todayannounced that it is forming a joint venture with INOAC Corp. of Japanexpanding the reach of Cooper Standard’s fluid transfer systems products in theAsia Pacific automotive market. Upon closing, expected in the third quarter of2014, Cooper Standard would own 51 percent and INOAC would own 49 percent ofthe joint venture named Cooper Standard INOAC Pte. Ltd. Staffing, asset acquisitionand other activities are scheduled to begin in September 2014.
This Cooper Standard / INOAC joint venture is intended toaccelerate Cooper Standard’s fluid transfer systems product introduction intoAsia and further strengthen its presence in this key automotive market. Thefocus of the first phase of the joint venture will be based in China withproduction expected to begin in the third quarter of 2015. Expansion intoadditional countries is planned to follow.
“After a careful evaluation, our leadership team hasdetermined that forming a majority-owned joint venture with an establishedAsian auto parts supplier represents the best opportunity to successfully enterthe market,” said Jeffrey Edwards, chairman and CEO, Cooper Standard.”INOAC’s extensive footprint throughout Asia, decades of experience withrubber and plastics products, and close relationships with the Japanese OEMsmake the company an ideal partner for expanding our fluid transfer systems inthe Asia Pacific automotive market.”
The joint venture combines Cooper Standard’s technologyand Western OEM relationships with INOAC’s relationships with Japanese OEMs tocreate an entity with unmatched potential for the Asia Pacific fluid transfersystems automotive market. Combined, the two companies currently operate morethan 50 plants throughout the Asia Pacific region. Key products for the newjoint venture are expected to include low pressure, premium hose andtransmission oil cooler lines for radiator, emissions, vacuum brakes, turbo chargers,heater, air conditioning and power steering applications.
“The Cooper Standard / INOAC joint venture is anattractive growth platform, as it provides INOAC the opportunity to furtherexpand our product offering into the Asian market,” said Soichi Inoue,chairman, INOAC. “We are proud to partner with Cooper Standard as theopportunity leverages each company’s technology strengths, OEM relationships,rubber and plastics knowledge, and footprint to achieve a successfulbusiness.”
The Cooper Standard / INOAC joint venture is the lateststep in Cooper Standard’s strategy to expand into the Asia Pacific region,which represents the greatest growth opportunities for automotive productionthrough 2020. Earlier this month, Cooper Standard announced the opening of itsnew Asia Pacific Technical Center in Shanghai, China and the relocation of itsAsia Pacific headquarters from Kunshan, China to the new Shanghai facility.
About Cooper Standard
Cooper Standard, headquartered in Novi, Mich., is aleading global supplier of systems and components for the automotive industry.Products include sealing and trim, fuel and brake delivery, fluid transfer andanti-vibration systems. Cooper Standard employs more than 25,000 peopleglobally and operates in 19 countries around the world. For more information,please visit www.cooperstandard.com.
Established originally in 1926 by the Inoue family asInoue Rubber Company, now INOAC manufactures polyurethane, rubber, plastic andsynthetic materials, products using these materials and new material productapplications in automotive, two-wheeled vehicles, information technology,housing and construction, consumer lifestyles industries. INOAC is based inJapan, employs more than 23,000 people globally and operates in 16 countriesaround the world. For more information, please visit http://www.inoac.co.jp/en/index.html.