NOVI, Mich.—Cooper Standard Automotive Inc. has completed the divestiture of its anti-vibration systems business to Continental A.G. for $265.5 million, subject to certain adjustments.
The firm said in an April 1 news release that the estimated net cash proceeds after taxes and transaction-related expenses and fees are expected to be about $220 to $225 million. The transaction included facilities in Auburn, Ind., Mitchell, Ontario, Rennes, France, as well as AVS-related assets in Poland and China, and an equity interest in a joint venture in India.
"The successful closing of the AVS divestiture is another important milestone in executing our profitable growth strategy," Jeffrey Edwards, chairman and CEO of Cooper Standard, said in a statement. "The net cash proceeds obtained from this transaction further bolster our healthy balance sheet, providing ample liquidity to support future growth in sealing, fuel and brake delivery and fluid transfer systems, as well as our materials science business."
The divested AVS business has about 1,000 employees and offers a comprehensive portfolio of anti-vibration systems, technologies and products to automotive OEMs that mitigate vehicle noise, vibration and harshness and enhance ride and handling.
Cooper Standard said it will work closely with Continental to ensure a smooth transition for all stakeholders.