US-based automotive parts supplier Cooper Standard has acquired 80.1% of the automotive parts business of South Korean industrial machinery and high-tech components specialist LS Mtron.
The Novi, Michigan-based company said the acquisition will expand its core product offerings while providing new opportunities to cooperate with LS Mtron across multiple industries through the material science capabilities of both companies.
"Our acquisition of LS Mtron's automotive parts business is another important step in our strategy as it expands our core product offerings, as well as our strategic footprint in Korea, China and Brazil," said Jeffrey Edwards, chairman and CEO of Cooper Standard.
Through the acquisition, Cooper Standard adds both jounce brake lines and charge air cooling technology to its existing portfolio comprised of automotive fluid transfer, and fuel and brake delivery systems product lines.
The company has not disclosed the terms of the transaction.