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Halla Visteon Climate Control to Acquire Thermal and Emissions Product Line of Cooper-Standard Automotive
- Enhances company’s fuel-efficient thermal energy management offering to automakers
- Increases customer diversification and expands product offering to better support automakers’ global platforms
DAEJEON, Korea, June 30, 2014 – Halla Visteon Climate Control Corp. has agreed to purchase the automotive thermal and emissions product line of Cooper-Standard Automotive Inc., a subsidiary of Cooper-Standard Holdings Inc., in a move that will expand its thermal energy management product portfolio and further diversify its customer base. The cash transaction, valued at $46 million and subject to adjustment and certain regulatory and other approvals, is targeted for completion in the third quarter of 2014.
The business to be acquired encompasses a range of automotive products that will support increased fuel efficiency and reduced emissions. Products include exhaust gas recirculation modules (EGRs), electronic coolant pumps and valves; electronic wastegate actuators and electronic throttle bodies.
"This acquisition builds on HVCC’s thermal energy management offering, and enhances the company’s competitive position as a system and module supplier through solutions that deliver value to customers, investors and employees,” said YH Park, HVCC president and CEO.
HVCC plans to transfer production of these products from Cooper Standard to existing HVCC locations upon completion of the transaction. Physical assets will transfer to HVCC from Cooper Standard operations in North America, Germany, France and the Czech Republic. In addition, the parties intend for certain engineering resources in North America and Germany to transfer as part of the transaction.
“Cooper Standard’s thermal and emissions business has strong products, technology and customer relationships,” Park noted. “HVCC and Cooper Standard are committed to completing this transaction in a quick and efficient manner, and ensuring a smooth transition for customers, suppliers and the employees involved.”