NOVI, Mich. (Sept. 1, 2011)—The holding company that owns Cooper Standard Automotive Inc. said it may sell, merge or make an initial public offering of the common shares of the automotive rubber components maker.
Cooper-Standard Holdings Inc. said its board of directors has hired investment bankers to assist the firm in evaluating “strategic alternatives to enhance shareholder value.” The possibilities include, but are not limited to, a sale or merger or an IPO, the firm said.
The holding company said its decision doesn't assure any specific transaction will occur. The firm said it won't comment on the subject beyond its news release.
Cooper Standard was under bankruptcy court protection from Aug. 2009 until May 2010, and is owned by hedge funds including Silver Point Capital and Oak Hill Advisors. The company makes body sealing and fluid handling systems for the automotive industry, employs 21,000 globally and operates in 19 countries.
Its first-half earnings before interest, tax deprecation and amortization rose 23 percent to $182 million from a year earlier on an 18-percent increase in sales to $1.45 billion.
Cooper Standard Automotive ranked eighth in North American rubber product sales, based on 2010 figures, at $1.25 billion.