Cooper-Standard Holdings Inc. (CPS - Free Report) has agreed to acquire two components from Lauren International — Lauren Manufacturing and Lauren Plastics. This acquisition will aid the Novi, MI-based supplier of systems and components for the automotive industry to expand in markets served by its Industrial and Specialty Group (“ISG”). Cooper Standard will acquire four plants of Lauren Manufacturing — two in New Philadelphia, one each in Kent and Spring Lake, MI. However, terms of this agreement have not been disclosed and the fructification of this agreement depends upon certain regulatory approvals.
Lauren Manufacturing and Lauren Plastics are extruders and molders of polymers, with expertise in sealing solutions for industrial and specialty automotive applications. On the other hand, ISG within Cooper Standard is accountable for driving growth of the company’s products and technologies in non-automotive, and specialty markets. This acquisition will aid ISG expand its sealing product line in key industrial markets.
In the past year, shares of Cooper-Standard have outperformed the industry it belongs to. Its stock has grown 26.5% in comparison with the industry’s increase of 12.4%.
Cooper-Standard currently has a Zacks Rank #2 (Buy).
A few other top-ranked stocks in the auto space are American Axle & Manufacturing Holdings, Inc. (AXL - Free Report) , Magna International Inc. (MGA - Free Report) and Fox Factory Holding Corp. (FOXF - Free Report) , each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
American Axle & Manufacturing has an expected long-term growth rate of 8.1%. Over the past year, shares of the company have gained 3.1%.
Magna has an expected long-term growth rate of 8.5%. Over the past year, shares of the company have gained 24.8%.
Fox Factory has an expected long-term growth rate of 11.5%. Shares of the company have risen 35.8% over the past year.
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