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THE STANDARD PRODUCTS CO. ANNOUNCES AGREEMENT TO ACQUIRE FRENCH AUTOMOTIVE SEALING MANUFACTURER

 THE STANDARD PRODUCTS CO. ANNOUNCES AGREEMENT
 TO ACQUIRE FRENCH AUTOMOTIVE SEALING MANUFACTURER
 CLEVELAND, Nov. 2 /PRNewswire/ -- The Standard Products Co. (NYSE: SPD) announced today that it has signed an agreement in principle to acquire Standard Products Industriel (SPI), a French automotive sealing manufacturer, including its French subsidiaries and foreign affiliates, for approximately $130 million in cash.
 The SPI group has four plants in France and one in the United States. Its sales are approximately $140 million. The Standard Products Co. was associated with SPI at SPI's inception in Paris in 1934.
 James S. Reid, Jr., chairman and chief executive officer of The Standard Products Co., said, "We are excited about uniting the two strong Standard Products organizations into a single entity. Based on the most recent twelve month periods, the combined annualized sales of the two companies is approximately $800 million. This acquisition will strengthen our global position in automotive sealing systems significantly. SPI's European customer base supplements the present customer base of our operations in the United Kingdom and offers us additional growth opportunities in North America." The majority owners and managers of SPI will continue in the management of the business.
 The transaction is expected to close by year end, but is subject to government approvals and approval by the Board of Directors of The Standard Products Co.
 Based in Cleveland, Ohio, The Standard Products Co. manufactures rubber and plastic parts for the automotive original equipment industry at 16 plants in North America and three in the United Kingdom. Its NISCO joint venture operates two automotive sealing plants in the United States. The Company's Holm Industries subsidiary produces plastic and magnetic door seals for home and industrial appliances at four U.S. locations, and its Oliver Rubber subsidiary is a producer of tread rubber for truck tire retreading, with nine manufacturing facilities in North America and the U.K.
 -0- 11/2/92
 /Contact: Aubrey E. Arndt of The Standard Products Co., 216-281-8300; or William L. Dupuy of Edward Howard & Co., 216-781-2400, for The Standard Products Co./
 (SPD) CO: The Standard Products Company ST: Ohio IN: AUT SU: TNM


KK -- CL003 -- 1425 11/02/92 09:30 EST
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Publication:PR Newswire
Date:Nov 2, 1992
Words:360
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