US-headquartered automotive systems provider Cooper Standard is to acquire two US firms: Lauren Manufacturing and Lauren Plastics, subject to regulatory approvals and related parties’ consent. The two companies will allow Cooper Standard to further expand markets served by its Industrial and Specialty Group (ISG).
The companies to be acquired are extruders and moulders of organic, silicone, thermoplastic and engineered polymer products with expertise in sealing solutions for industrial and specialty automotive applications. Terms of the acquisition were not disclosed.
The ISG business of Cooper Standard is responsible for accelerating growth and maximising the value of the company’s products and technologies in non-automotive and specialty markets. This acquisition expands ISG’s sealing product line in key segments, including: building and construction; containers and enclosures; distribution and aftermarket; as well as specialised products for the automotive and transportation markets.
“This transaction strengthens Cooper Standard’s position in non-automotive and adjacent markets with an organisation that is aligned with us culturally and brings with it mature and established systems, along with excellent performance,” said Jeffrey Edwards, Chairman/CEO of Cooper Standard.
“Lauren Manufacturing and Plastics will become part of our portfolio to accelerate our entire sealing offering into new markets.”
The companies have 500 employees across four facilities – two in New Philadelphia, Ohio; one in Kent, Ohio; and one in Spring Lake, Mich.
Both companies are owned by Lauren International, which will retain ownership of LMI in Cambridge, a custom mixing facility; Lauren Innovation, a software company; Lauren Agrisystems; RPS, retail products solutions; and Flite Test. Lauren International will also retain ownership of all its manufacturing plants in New Philadelphia and will lease them to Lauren Manufacturing.