Cooper-Standard Automotive Inc. said it has agreed to buy Metzeler Automotive Profile Systems sealing system operations in Germany, Italy, Poland and Belgium.
The Novi-based maker of body and chassis systems and components said it signed a memo of understanding with Automotive Sealing Systems S.A. to close the deal in the third quarter.
Financial terms of the transaction weren’t disclosed. However, Goldman Sachs Capital Partners and the Cypress Group, major shareholders in Cooper-Standard, will invest new equity in the company as part of the financing of the proposed deal.
The Cypress Group is a private equity investment firm managing more than $3.5 billion of capital.
Metzeler Automotive, which boasts major customers such as Fiat, BMW, DaimlerChrysler and Volkswagen Group, has eight manufacturing facilities in Europe and operations in the form of joint ventures in India and China. Combined sales of these operations totaled nearly $400 million in 2006.
