NOVI, Mich., Dec. 19 /Xinhua-PRNewswire/ -- Cooper-Standard Automotive
Inc. announced today that on November 29th the company finalized its joint
venture with Hubei Jingda Precision Steel Tube Industry Co., Ltd., one of the
largest tube manufacturers in the People’s Republic of China.
The joint venture, known as Cooper-Standard Jingda (Jingzhou) Automotive
Co., Ltd., will manufacture and sell automotive components. The enterprise
will be selling and providing technical support and after-sale service for
fluid handling systems, including brake and fuel lines, steering systems,
cooling and heating systems, and emission control devices.
The joint venture will be constructing a new manufacturing plant within
the Jingzhou Hi-tech Industrial Development Zone as soon as all permits are
obtained.
"The market for auto parts in China is one of the fastest-growing in the
world and is expected to continue to grow, so it is critically important that
we continue to expand our presence in this important region," stated Jim
McElya, chairman and chief executive officer of Cooper-Standard. "This joint
venture with Hubei Jingda is a big step toward reaching our goal of capturing
more sales in Asia, and we are excited to be part of a partnership with such
a well-established Chinese firm. This truly is a win-win opportunity for
both companies."
About Cooper-Standard Automotive
Cooper-Standard Automotive Inc., headquartered in Novi, Mich., is a
leading global automotive supplier specializing in the manufacture and
marketing of systems and components for the automotive industry. Products
include body and chassis systems and fluid handling systems. Cooper-Standard
Automotive Inc. employs more than 16,000 people across 61 facilities in 14
countries. For more information, visit the company’s Web site at:
http://www.cooperstandard.com .
Cooper-Standard is a privately-held portfolio company of The Cypress
Group and Goldman Sachs Capital Partners Funds.
The Cypress Group is a private equity investment firm managing more than
$3.5 billion of capital. Cypress has an extensive track record of making
growth-oriented investments in targeted industry sectors and building equity
value alongside proven management teams.
The GS Capital Partners Funds are part of Goldman Sachs’ Principal
Investment Area in the Merchant Banking Division. Goldman Sachs is one of
the oldest and largest investment banking firms and is also a global leader
in private corporate equity and mezzanine investing. Goldman Sachs’
Principal Investment Area has formed 12 investment vehicles aggregating $35
billion of capital to date.
