The move will expand its thermal energy management product portfolio and further diversify its customer base, HVCC says.
The cash transaction is targeted for completion in the third quarter of this year.
The business to be acquired encompasses a range of automotive products that will support increased fuel efficiency and reduced emissions. Products include exhaust gas recirculation modules (EGRs), electronic coolant pumps and valves; electronic wastegate actuators and electronic throttle bodies.
HVCC plans to transfer production of these products from Cooper Standard to existing HVCC locations upon completion of the transaction. Physical assets will transfer to HVCC from Cooper Standard operations in North America, Germany, France and the Czech Republic. In addition, the parties intend for certain engineering resources in North America and Germany to transfer as part of the transaction.
Last year HVCC was one of 38 companies, universities and national labs to receive more than $45 million in Energy Department funding for projects that accelerate the research and development of vehicle technologies to improve fuel efficiency, lower transportation costs and protect the environment.