NOVI, Mich.—Cooper Standard Holdings Inc. has completed the purchases of Huayu Automotive System Co.'s share in the firm's Chinese joint venture, Huayu-Cooper Standard Sealing Systems Co. Ltd.
The parent company of Cooper Standard Automotive Inc. is now the 95 percent equity owner of the business, with 5 percent retained by the Shanghai Zhaotun Collective Assets Managing Co.
Cooper Standard said as a result of its transaction, it becomes the largest automotive sealing manufacturer in the Chinese market with nine manufacturing facilities and two technical centers, including its recently opened Asia Pacific Technical Center and headquarters in Shanghai.
“The completion of this purchase further solidifies Cooper Standard's role as the leading sealing systems supplier in the global automotive industry,” Jeffrey Edwards, chairman and CEO of Cooper Standard, said in a statement.
“Our expanded presence in China is a key element of our profitable growth strategy and allows the company to fully support our customers on global platforms and capitalize on growth opportunities in the region,” he added.
Headquartered in Novi, Cooper Standard is a global supplier of systems and components for the automotive industry, with its core product lines including sealing and trim, fuel and brake delivery, fluid transfer, and anti-vibration systems. The firm employs more than 27,000 with operations in 20 countries.