Cooper-Standard CEO Jeff Edwards.
DETROIT — Cooper-Standard Holdings Inc., in a move to diversify beyond the auto industry, said it agreed to acquire Lauren Manufacturing LLC and Lauren Plastics LLC.
The rubber and plastic suppliers, under New Philadelphia, Ohio-based Lauren International Ltd., are slated to join Cooper Standard’s Industrial and Specialty Group. About 500 employees work for the companies.
The acquisitions are contingent on regulatory approval and related parties’ consent, the news release said.
A spokeswoman declined to reveal the purchase price and revenue of the Lauren companies.
Lauren Manufacturing and Lauren Plastics specialize in custom gaskets and seals for industrial and automotive industries. Lauren Plastics has a plant in Spring Lake, Mich., south of Muskegon.
With the transaction, ISG will expand its sealing product line in nonautomotive and specialty markets including construction, containers and enclosures, distribution and transportation, the release said.
In a statement, Cooper-Standard CEO Jeffrey Edwards said the organizations are “aligned with us culturally and brings with it mature and established systems” that will “accelerate our entire sealing offering into new markets.
Cooper-Standard, with about 32,000 employees, recorded $3.6 billion in revenue in 2017.
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