SPRING LAKE — The parent company of a lakeshore manufacturer plans to sell to a Southeast Michigan automotive supplier.
New Philadelphia, Ohio-based Lauren Manufacturing LLC and Lauren Plastics LLC — which operates a plant in Spring Lake — have signed a deal to be acquired by Cooper-Standard Holdings Inc. (NYSE: CPS), a Novi-based manufacturer of rubber and plastic sealing and fuel and brake lines, according to a statement.
The companies, which operate as part of Lauren International Ltd., are extruders and molders of polymer sealing products for industrial and specialty automotive applications. After the close of the deal, the companies will join Cooper Standard’s Industrial Speciality Group, pending regulatory and other approvals. As part of the acquisition, roughly 500 employees will transition from Lauren International to Cooper Standard.
Terms of the deal were not disclosed.
For Cooper Standard, the deal expands its reach into new markets in building and construction, containers and enclosures, distribution and aftermarket, and specialized products for the automotive and transportation markets.
“This transaction strengthens Cooper Standard’s position in non-automotive and adjacent markets with an organization that is aligned with us culturally and brings with it mature and established systems, along with excellent performance,” Jeffrey Edwards, chairman and CEO of Cooper Standard, said in a statement.
A spokesperson from Cooper Standard could not be reached when this story went to press.