NOVI, Mich.—Cooper Standard Holdings Inc. has had a busy February.
The parent company of Cooper Standard Automotive Inc. will downsize its operations in Goldsboro, N.C., consolidating from two manufacturing facilities into one. It said the move will affect 300 employees.
Amid this, the firm also released its 2014 financials, reporting a 5 percent increase in sales and net income that held relatively steady compared to 2013.
Cooper Standard also finalized its acquisition of Huayu Automotive System Co.'s share in the firm's Chinese joint venture—Huayu-Cooper Standard Sealing Systems Co. Ltd.—becoming the majority owner with a 95 percent equity.
Cooper Standard's 207,000-sq.-ft. facility at Woodland Church Road in Goldsboro primarily will be consolidated into its 167,000-sq.-ft. facility at Fedelon Trail Road, but the firm said some production will be relocated to other North American locations. The transition began in February and is projected to be complete in late 2015 or early 2016.
Once complete, the Fedelon Trail facility—which will continue to produce Cooper Standard's sealing systems—will employ 400 and will be refurbished to accommodate the added business. The Woodland Church facility will be used for warehouse space.
Cooper Standard declined further comment on its downsizing project in North Carolina.