By: Dustin Walsh
CRAIN’S DETROIT BUSINESS
August 1, 2013
Cooper-Standard Holdings Inc. announced Thursday the acquisition of Ann Arbor, Mich.-based Jyco Sealing Technologies Inc.'s automotive sealing business.
Terms of the deal, which closed Wednesday, were not disclosed.
The transaction includes an asset purchase of Jyco's plants in Canada and Mexico, as well as a stock purchase of Jyco's plant in China. Jyco's nonautomotive plant in Belgium will remain under operation of Jyco.
Jeffrey Edwards, chairman and CEO of Novi, Mich.-based Cooper-Standard, said in a news release that the acquisition strengthens "important customer relationships."
For its first quarter, which ended March 31, Cooper-Standard reported net income of $20.7 million on sales of $747.6 million. Second quarter results are to be announced Aug. 9.