Component maker Cooper Standards announced that it will form a joint venture with Japan's INOAC Group to expand its fluid transmission system business under the Cooper Standard to the Asia-Pacific region. After the signing of the agreement to establish the joint venture company, the Kubo standard will hold 51% of the joint venture, while the Japanese INOAC group will hold 49% of the shares. Cooper Standards stated that establishing a joint venture will accelerate the expansion of its fluid transmission system business in the Asia Pacific region. The first phase of the joint venture’s plan is to begin production of the fluid transfer system in China from the third quarter of 2015. The product will then be put into production in other countries in the Asia-Pacific region to increase the market share of the fluid transport system business in the entire Asia-Pacific auto market. "After careful consideration, the company's board of directors decided to look for a joint venture between an Asian parts manufacturer and a company to create a good opportunity for the company's fluid transport system business to enter the Asia-Pacific market," said Jeffrey Edwards, CEO of Cooper Standards. "The Japanese INOAC company has decades of production. We have experience in sales of rubber and plastic products, and our business is located in the Asia Pacific region. At the same time, the company has close cooperation with Japanese automakers. INOAC is our ideal partner." Cooper Standard stated that the newly-created joint venture will integrate the superior resources of Cubo Standards and INOAC, including technology, sales channels, customer resources of Western and Japanese OEMs, and the 50 plants of the two companies in the Asia Pacific region. A company with great potential has accelerated the expansion of Cooper's standard in the automotive market in the Asia Pacific region. In addition to the fluid transmission system business, the newly formed joint venture company will also produce low-pressure, high-end hoses, including radiators, vacuum-assisted brakes , superchargers , heaters, air conditioning, and power-assisted steering systems. "Cubo Standards and the joint venture company of the INOAC Group have great growth potential. The company has integrated and utilized all the advantages of Cooper Standards and INOAC, including technology, OEM customers, and the production and marketing expertise of rubber and plastic products. The company has created favorable conditions for further expansion of its business in the Asia-Pacific region,†said Soichi Inoue, President of INOAC. “We are honored to be partners of Cooper Standards.â€
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