Automotive component supplier Cooper-Standard has completed the purchase of Huayu Automotive System’s shares in Huayu-Cooper Standard Sealing Systems, the company’s Chinese joint venture.
The purchase has made Cooper-Standard 95% equity owner of the business, with the rest 5% shares owned by security brokerage service provider Shanghai Zhaotun Collective Assets Managing.
According to Cooper-Standard, the completion of the acquisition has made the company one of the largest automotive sealing manufacturer in the domestic Chinese market.
The company already owns two technical centers and nine manufacturing facilities in the country, and it recently opened the doors to Asia Pacific Technical Center in Shanghai.
Cooper Standard CEO Jeffrey Edwards said: "The completion of this purchase further solidifies Cooper Standard's role as the leading sealing systems supplier in the global automotive industry.
"Our expanded presence in China is a key element of our profitable growth strategy and allows the company to fully support our customers on global platforms and capitalize on growth opportunities in the region."
