Cooper-Standard expects to double China sales in 4 years
CEO Jeffrey Edwards: “Over the next 10 years, I would expect the growth of $ 2 billion in revenue in the Asia Pacific region.”
SHANGHAI — Cooper-Standard Automotive Inc. expects to double China revenues by 2021 by expanding output of sealing, fuel system and anti-vibration components to meet rising car and light-truck production, CEO Jeffrey Edwards said.
“Our revenue in China this year would be approximately $ 500 million (3.3 billion yuan),” Edwards said at a press conference in Shanghai last month. “By 2021, we expect to have over $ 1 billion in revenue in China.”
The company opened its first plant in China in 2004, later than most other major global auto parts makers. But in recent years the U.S. supplier has accelerated investments.
Cooper-Standard has 17 factories across China that produce seals, fuel and brake lines, fluid transfer hoses and anti-vibration systems.
In the next four years, Cooper-Standard plans to open seven more plants in China, Edwards said.
Cooper-Standard last month unveiled a test center and a prototype r&d center in Shanghai’s suburban Qingpu district. The company wants to accelerate the localization of its sealing products in Asia. The company also has plants in Korea and India.
Asia — especially China — has generated much of Cooper-Standard’s revenue growth in recent years. That will remain the case over the next decade, according to Edwards.
In 2013, China generated 65 percent of Cooper Standard’s Asian revenue.
“Over the next 10 years, I would expect the growth of $ 2 billion in revenue in the Asia Pacific region, of which 80 percent will come from China,” Edwards said.
Cooper-Standard ranks No. 61 on the Automotive News list of the top 100 global suppliers with estimated worldwide sales to automakers of $ 3.5 billion during its last fiscal year.
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