NOVI, Mich.—Cooper Standard Automotive Inc. once again is growing in the Asia-Pacific region, this time adding the automotive parts business of South Korea-based LS Mtron.
Cooper Standard will acquire 80.1 percent of LS Mtron's automotive parts business, financial details were not disclosed.
"Our acquisition of LS Mtron's automotive parts business is another important step in our strategy as it expands our core product offerings, as well as our strategic footprint in Korea, China and Brazil," Jeffrey Edwards, chairman and CEO of Cooper Standard, said in a statement. "We look forward to working closely with LS Mtron to more fully service our global customers."
The firm said in a May 14 news release that LS Mtron produces jounce brake lines and charge air cooling technology. Cooper Standard this business complements its current fuel and brake delivery systems and automotive fluid transfer product lines.
The deal allows Cooper Standard to expand its core product offerings, also gaining a strategic partner in South Korea. The firm added that the transaction creates the opportunities to leverage the material science capabilities of both companies across multiple industries.