NOVI, Mich., June 30, 2014 /PRNewswire/ -- Cooper-Standard
Holdings Inc. (NYSE: CPS), the parent company of Cooper-Standard
Automotive Inc. ("Cooper Standard"),
today announced that Cooper Standard
has entered into an agreement with Halla Visteon Climate Control
Corp. ("HVCC") (KS: 018880) to sell HVCC its thermal and emissions
product line. The company said the sale allows Cooper Standard to focus on the product lines
where it holds a leading market position and can gain the greatest
competitive advantage.
"A strategic decision was made to divest our thermal and
emissions product line and allow the company to focus resources on
our four core product groups: sealing and trim, fuel and brake
delivery, fluid transfer and anti-vibration systems," said
Jeffrey Edwards, chairman and CEO,
Cooper Standard. "We will work
closely with HVCC to ensure a smooth transition."
Cooper Standard products,
including exhaust gas recirculation modules, electronic coolant
pumps and valves, electronic wastegate actuators and electronic
throttle bodies, as well as related assets from operations in
North America, Germany, France and the Czech
Republic along with certain engineering and other resources
in North America and Germany are intended to transfer to existing
HVCC locations over the next several months as a part of the
transaction.
The sale is subject to adjustment, certain regulatory and other
approvals and is expected to be finalized in the third quarter of
2014.
About Cooper Standard
Cooper Standard, headquartered in
Novi, Mich., is a leading global
supplier of systems and components for the automotive industry.
Products include sealing and trim, fuel and brake delivery, fluid
transfer and anti-vibration systems. Cooper
Standard employs more than 25,000 people globally and
operates in 19 countries around the world. For more information,
please visit www.cooperstandard.com.
About Halla Visteon Climate Control
Halla Visteon
Climate Control (HVCC) is a full-line automotive supplier of
climate systems and components. Products include heating
ventilation and air conditioning; compressors; powertrain cooling;
fluid transport; and electric, hybrid and fuel cell vehicle thermal
systems. With 35 manufacturing sites supported by four global
technical centers in 19 countries, HVCC employs nearly 14,500
people.
HVCC is a 70-percent owned subsidiary of Visteon Corporation
(NYSE: VC) and is traded on the Korea Stock Exchange. Learn more at
www.hvccglobal.com/En.
About Visteon
Visteon is a leading global automotive
supplier delivering value for vehicle manufacturers and
shareholders through businesses including Halla Visteon Climate
Control Corp., Visteon Electronics and Visteon Interiors. Visteon
designs, engineers and manufactures innovative components and
systems for virtually every vehicle manufacturer worldwide. With
corporate offices in Van Buren Township,
Mich. (U.S.); Shanghai,
China; and Chelmsford, UK;
Visteon has facilities in 29 countries and employs about 24,000
people. Visteon had sales of $7.4
billion in 2013. Learn more at www.visteon.com.
CPS_G
Contact for Analysts: |
Contact for Media:
|
Glenn Dong
|
Sharon
Wenzl
|
Cooper
Standard
|
Cooper
Standard
|
(248)
596-6031
|
(248)
596-6211
|
investorrelations@cooperstandard.com
|
sswenzl@cooperstandard.com
|
SOURCE Cooper-Standard Holdings Inc.