- Cooper Standard to own 51%; INOAC to own 49% of new joint venture company
- JV will strengthen Cooper Standard’s presence in the Asian automotive market
Cooper-Standard Holdings Inc., the parent company of Cooper-Standard Automotive Inc., announced that it is forming a joint venture with INOAC Corp. of Japan expanding the reach of Cooper Standard’s fluid transfer systems products in the Asia Pacific automotive market. Upon closing, expected in the third quarter of 2014, Cooper Standard would own 51 percent and INOAC would own 49 percent of the joint venture named Cooper Standard INOAC Pte. Ltd. The focus of the first phase of the joint venture will be based in China with production expected to begin in the third quarter of 2015. Expansion into additional countries is planned to follow.
Combined, the two companies currently operate more than 50 plants throughout the Asia Pacific region. Key products for the new joint venture are expected to include low pressure, premium hose and transmission oil cooler lines for radiator, emissions, vacuum brakes, turbo chargers, heater, air conditioning and power steering applications.