Cooper Standard, an international supplier of automotive systems and components, announced that it has partnered with Fonds de Modernisation des Equipementiers Automobiles (FMEA) to form a new joint venture (JV) to merge Cooper’s French automotive body sealing business Societe des Polymeres Barre-Thomas (SPBT) operations.
Cooper Standard will own 51% of the JV, while FMEA will hold 49% interest. The JV unit will be operated under the new name, Cooper Standard France.
FMEA will initially acquire SPBT’s products as part of the JV transaction. SPBT supplies low pressure hoses, anti-vibration systems and body sealing products. Cooper-FMEA JV will operate three manufacturing plants in France and one facility in Poland. It also owns 50% rights in the Indian anti-vibration systems business. The new business is estimated to generate about €230 million sales revenue in 2011.
The alliance with FMEA represents a major step for Cooper Standard's global strategy and enhances the company’s body sealing, hose and anti-vibration capability in Europe. In addition, the collaboration will extend the company’s product offerings in key automotive markets.