Financial Overview
|
(in million dollars) |
| |
FY ended Dec. 31, 2012 |
FY ended Dec. 31, 2011 |
Rate of change (%) |
Factors |
| Sales |
2,880.9 |
2,853.5 |
1.0 |
1) |
| Operating profit |
103.3 |
125.2 |
(17.5) |
- |
Factors
1)
-Sales were down 1% for the year ended December 31, 2012. They were favorably impacted by an increase in volumes in North America as well as the USi acquisition and the joint venture with FMEA which were completed March, 2011 and May, 2011, respectively. However, these favorable items were partially offset by unfavorable foreign exchange and decreased volumes in the International segment.
Acquisitions
-In 2012, Nishikawa Rubber Co., Ltd. announced on September 13 that Nishikawa of America, Inc. (NOA), its wholly owned subsidiary in the U.S., will transfer the 20 percent share it has in Cooper Standard Automotive Sealing de Mexico S.A. de C.V. (CSM) to Cooper Standard Automotive (CSA), its joint venture partner. In November last year, NOA established Nishikawa Copper Mexico S.A. de C.V. (NCM) by providing 100 percent of the capital. Having gained its own foothold in the Latin American market, the company has decided to sell all its CSM shares. The Nishikawa Rubber Group is expecting to post an extraordinary profit of approximately 16 million yen through the share transaction, which is scheduled to take place on October 1. CSM, which was formed in 1995, is currently owned 80 percent by CSA and 20 percent by NOA. Meanwhile, CSA is planning to invest 20 percent in NCM when its commercial operation starts next year. Nishikawa Rubber and CSA will thereby maintain their collaborative relationships. (From an article in the Nikkan Jidosha Shimbun on Sep. 14, 2012)
-In 2012, Cooper-Standard Automotive Inc. announced its acquisition of the patents and other intellectual property rights and assets of EDC Automotive LLC, based in Michigan, the U.S., relating to automotive thermal management technologies and related product development and testing capabilities. Terms of the transaction were not disclosed. (From a press release on April 3, 2012)
-Effective January 1, 2012, the Company announced its acquisition of the automotive sealing business of Sigit S.p.A., an Italy-based automotive components manufacturer, effective January 1, 2012. The business acquired in the transaction is operated primarily from Sigit's manufacturing locations in Chivasso, Italy and Skoczow, Poland. Sigit currently supplies numerous automakers, including Fiat, Ford, General Motors, Renault, Volkswagen, and Tier 1 suppliers, including Denso, Johnson Controls, Lear and TRW. (From a press release on January 10, 2012)
Awards
-In 2012, Cooper-Standard Automotive, Inc. announced that its: Georgetown, Ontario; Mitchell, Ontario; and Gaylord, Michigan facilities received General Motors Co.'s Supplier Quality Excellence Award for 2012. Cooper Standard's Gaylord and Georgetown facilities manufacture vehicle sealing systems, including bodyside moldings, glassruns, door seals and interior trim, while the company's Mitchell plant develops anti-vibration products, including engine mounts, bushings, differential mounts and cradle mounts. (From a press release on December 17, 2012)
R&D Expenditures
|
(in million dollars) |
| |
FY ended Dec. 31, 2012 |
FY ended Dec. 31, 2011 |
FY ended Dec. 31, 2010 |
| Overall |
94.2 |
83.9 |
68.8 |
R&D Structure
-The Company operates nine design, engineering, and administration facilities throughout the world and employs 615 research and development personnel, some of whom reside at customers' facilities. The Company utilizes Design for Six Sigma and other methodologies that emphasize manufacturability and quality.
