Cooper Standard to Establish Joint Venture With FMEA Combining Its French Sealing Business With Societe des Polymeres Barre Thomas

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Apr 20, 2011, 08:00 ET

NOVI, Mich., April 20, 2011 /PRNewswire/ -- Cooper Standard announced today that it has signed an agreement with Fonds de Modernisation des Equipementiers Automobiles (FMEA) to establish a joint venture that would combine Cooper Standard's French body sealing operations and the operations of Societe des Polymeres Barre-Thomas (SPBT). SPBT is a French supplier of anti-vibration systems and low pressure hoses, as well as body sealing products, which FMEA will acquire as a preliminary step to the joint venture transaction. The joint venture entity, to be named Cooper Standard France, will be owned 51 percent by Cooper Standard and 49 percent by the FMEA.

Cooper Standard France is expected to generate 2011 sales, on a pro forma basis, totaling approximately euro 230 million, with operations including three manufacturing facilities in France and one in Poland, and a 50 percent interest in an anti-vibration systems business in India. The transaction is expected to close in the second quarter of 2011.

"We are pleased to partner with FMEA in combining our French body sealing business with SPBT's operations," said Jim McElya, chairman and CEO, Cooper Standard. "This is a significant step in Cooper Standard's overall global strategy, as it not only expands our existing body sealing capability, but also provides anti-vibration and hose capability in Europe. This transaction rounds out our global offering in these product lines and further enables us to provide our broad product portfolio to customers in all major automotive markets. The joint venture will strengthen our partnership with the French automakers in the French and European markets, and everywhere in the world they do business."

About Cooper Standard Automotive:

Cooper Standard, headquartered in Novi, Mich., is a leading global supplier of systems and components for the automotive industry. Products include body sealing systems, fluid handling systems and anti-vibration systems. Cooper Standard employs approximately 19,000 people globally and operates in 18 countries around the world. For more information, please visit the company's website at www.cooperstandard.com

About Societe des Polymeres Barre Thomas:

Societe des Polymeres Barre Thomas, based in Rennes, France, specializes in the design and production of polymer-based systems. Its activity is concentrated on 4 product families in the automotive industry, including seals, anti-vibration systems, moldings and hoses, manufactured in Rennes and Czestochowa, Poland. The group has also set up a joint venture in India. The group employs approximately 1,665 people. www.barrethomas.com

About FMEA:

Fonds de Modernisation des Equipementiers Automobiles (FMEA) is a Fonds Commun de Placement a Risques (French type of venture capital mutual fund – "FCPR"), jointly owned by Renault SA, PCA Peugeot Citroen and the Fonds Strategique d'Investissement. It achieves capital investments in French automotive suppliers that can play a strategic role both for their customers and for the automotive industry as a whole, with a strong R&D capacity and an international presence. www.fonds-fsi.fr

SOURCE Cooper Standard