NOVI, Mich. (June 20) — Cooper-Standard has signed an agreement to purchase a group of rubber sealing operations from Metzeler Automotive Profile Systems, a deal valued at about $130 million.
The acquisition, announced June 6, includes eight European factories and joint venture interests in China and India. Annual sales of these businesses totaled $400 million in 2006, with Fiat S.p.A., BMW A.G., Daimler A.G. and the Volkswagen Group among the largest customers, Cooper-Standard said.
The transaction — which includes technical rubber operations which manufacture rubber compounds and sheeting products as well as sealing systems — is expected to close in the third quarter.
Cooper-Standard´s principal shareholders, Goldman Sachs Capital Partners and the Cypress Group, will invest about $26 million in new equity to help finance the deal, the company said.