In a bid to expand its fluid transfer systems products into the Asia Pacific automotive market, Cooper Standard Holdings Inc. – the parent company of auto parts supplier Cooper Standard Automotive Inc. – is forming a joint venture with Japan-based plastic product maker Inoac Corp.
The JV, which is expected to be finalized in the third quarter of 2014, will be 51 per cent owned by Novi, Mich.-based Cooper Standard, and will operate under the name Cooper Standard Inoac Pte. Ltd.
Staffing, asset acquisition and other activities are scheduled to begin in September 2014, Cooper Standard said in a press release, and the focus of the first phase of the joint venture will be based in China with production expected to begin in the third quarter of 2015.
Expansion into additional countries is planned to follow.
"After a careful evaluation, our leadership team has determined that forming a majority-owned joint venture with an established Asian auto parts supplier represents the best opportunity to successfully enter the market," said Jeffrey Edwards, chairman and CEO, Cooper Standard. "Inoac’s extensive footprint throughout Asia, decades of experience with rubber and plastics products, and close relationships with the Japanese OEMs make the company an ideal partner for expanding our fluid transfer systems in the Asia Pacific automotive market."
Combined, the two companies currently operate more than 50 plants throughout the Asia Pacific region. Key products for JV are expected to include low pressure, premium hose and transmission oil cooler lines for radiator, emissions, vacuum brakes, turbo chargers, heater, air conditioning and power steering applications.