Cooper Standard, a Novi-based automotive supplier, has completed the sale of its anti-vibration systems business to Auburn Hills’ Continental AG for $266 million.
The transaction includes facilities in Auburn, Ind.; Mitchell, Ontario; Rennes, France; as well as assets in Poland and China, and equity interest in a joint venture in India.
The divested business impacts approximately 1,000 employees and includes automotive technologies and products to that mitigate vehicle noise, vibration, and harshness, and enhance ride and handling.
“The successful closing of the AVS divestiture is another important milestone in executing our profitable growth strategy,” says Jeffrey Edwards, chairman and CEO of Cooper Standard.
“The net cash proceeds obtained from this transaction further bolster our healthy balance sheet, providing ample liquidity to support future growth in sealing, fuel and brake delivery and fluid transfer systems, as well as our materials science business.”