AUBURN HILLS, Ill. (April 4, 2012)—Cooper-Standard Automotive Inc. said it has acquired Auburn Hills-based EDC Automotive LLC.
Terms of the deal were not disclosed.
The Novi-based supplier sought the transaction to gain EDC's automotive thermal management intellectual property and patents, Cooper-Standard said.
Certain employees of EDC will transition to Cooper-Standard, but those employees have yet to be determined, said Chris Andrews, manager of corporate communications for Cooper-Standard. The supplier declined to report the number of employees expected to make the transition.
The acquisition marks the first move for the supplier of fluid and thermal management components since pulling itself off the M&A shelf last fall.
In October, the Cooper-Standard board of directors discontinued an evaluation for a potential sale because of market conditions.
Cooper-Standard reported net income of $102.8 million on revenue of $2.9 billion in 2011.