NOVI, Mich.—Cooper Standard Holdings Inc. has entered an agreement with Halla Visteon Climate Control Corp. to sell its thermal and emissions product line.
Cooper Standard did not release financial terms, but HVCC said the transaction is valued at $46 million.
The sale is subject to adjustment, certain regulatory and other approvals, and is expected to be finalized in the third quarter 2014, Cooper Standard said.
Cooper Standard said the sale allows the company to focus on product lines where it holds a leading market position and can gain the greatest competitive advantage.
The tentative sale includes exhaust gas recirculation modules, electronic coolant pumps and valves, electronic wastegate actuators, and electronic throttle bodies in addition to related assets from operations in North America, Germany, France and the Czech Republic, Cooper Standard said.
Certain engineering and other resources in North America and Germany are intended to transfer to existing HVCC locations over the next several months, Cooper Standard said.
“A strategic decision was made to divest our thermal and emissions product line and allow the company to focus resources on our four core product groups—sealing and trim; fuel and brake delivery; fluid transfer; and anti-vibration systems,” said Chairman and CEO Jeffrey Edwards. “We will work closely with HVCC to ensure a smooth transmission.”
HVCC is a full-line automotive supplier o climate systems and components. Products include heating ventilation and air conditioning; compressors; powertrain cooling; fluid transport; and electric, hybrid and fuel cell vehicle thermal systems.
HVCC operates 35 manufacturing sites and four global technical centers in 19 countries. The firm employs nearly 14,500 people.
HVCC is a 70-percent owned subsidiary of Visteon Corp., which operates facilities in 29 countries and employs 24,000 people.
Cooper Standard is a global supplier of systems and components for the automotive industry. It employs more than 25,000 people in 19 countries.