Hogan Lovells advises Cooper Standard on the divestiture of its European and Indian rubber fluid transfer and specialty sealing businesses
Milan, 11 May 2020 – The international law firm Hogan Lovells has advised Cooper Standard Holdings Inc. on its entry into an agreement for the divestment of its European rubber fluid transfer and specialty sealing businesses, as well as its Indian operations, to Mutares SE & Co. KGaA.
The agreement includes approximately 2,500 employees and two manufacturing facilities in Poland, one manufacturing facility in both Spain and Italy, and all of the Company’s operations in India, excluding the Company’s corporate IT development office located in Chennai. Completion of the divestiture is subject to the approval of the respective antitrust authorities and is expected to be finalized by the end of the second quarter 2020.
Cooper Standard, headquartered in Northville, Michigan, is a leading global supplier of systems and components for the automotive industry. Products include sealing, fuel and brake delivery and fluid transfer systems. Cooper Standard employs approximately 28,000 people globally and operates in 21 countries around the world. This transaction, when closed, will enable the Cooper Standard group to focus resources on its businesses that provide the greatest opportunity for growth and profitability.
Hogan Lovells' cross-border team included lawyers from the corporate, tax, anti-trust, environmental and labour practice areas from the Germany, Poland, Spain and UK offices. The transaction was led by Italian Corporate M&A head, Leah Dunlop, with support from senior associates Simone Cucurachi and Pierluigi Feliciani and associate Anastasia Pallagrosi. Phoenix Legal advised Cooper Standard on Indian law matters.