In a bid to expand its industrial and specialty group, Cooper Standard, a large auto supplier in Novi, today announced an agreement to acquire Lauren Manufacturing and Lauren Plastics, subject to regulatory approvals and related parties’ consent.
The Lauren companies are extruders and molders of organic, silicone, thermoplastic, and engineered polymer products, along with offering sealing solutions for industrial and specialty automotive applications. Terms of the acquisition were not disclosed.
The Industrial and Specialty Group (ISG) of Cooper Standard is responsible for accelerating growth and maximizing the value of the company’s products and technologies in non-automotive and specialty markets. The acquisition will expand ISG’s sealing product line in key segments, including: building and construction; containers and enclosures; distribution and aftermarket; as well as specialized products for the automotive and transportation markets.
“This transaction strengthens Cooper Standard’s position in non-automotive and adjacent markets with an organization that is aligned with us culturally and brings with it mature and established systems, along with excellent performance,” says Jeffrey Edwards, chairman and CEO of Cooper Standard. “Lauren Manufacturing and Plastics will become part of our portfolio to accelerate our entire sealing offering into new markets.”
The Lauren companies have more than 500 employees across four facilities — two in New Philadelphia, Ohio; one in Kent, Ohio; and one in Spring Lake, Mich. Cooper Standard adds that the Lauren companies’ materials expertise will further strengthen its material science capabilities.
Cooper Standard is a leading global supplier of systems and components for the automotive industry. Products include rubber and plastic sealing, fuel and brake lines, fluid transfer hoses, and anti-vibration systems. Cooper Standard employs approximately 32,000 people globally and operates in 20 countries around the world.
Cooper Standard’s ISG is responsible for accelerating growth and maximizing the value of the overall company’s products and technologies in non-automotive and specialty markets. ISG leverages investments in technology and innovation made by Cooper Standard to bring OEM quality to markets that require cost-effective and high-quality products.