UPDATE 2-Cooper Standard looking for a buyer -- sources

* Auto supplier Cooper Standard on auction--sources

* JPMorgan, Lazard running sale--sources

* Initial bids in, private equity looking--sources (Adds background about industry, TI Automotive)

By Soyoung Kim and Caroline Humer

NEW YORK, Aug 31 (Reuters) - U.S. auto parts supplier Cooper Standard (COSH.OB) is looking for a buyer more than a year after emerging from bankruptcy and has hired bankers to advise on the process, people familiar with the matter said.

Cooper Standard, which came out of bankruptcy in May of 2010 under the control of a handful of hedge funds, including Silver Point Capital and Oak Hill Advisors, has an enterprise value of more than $1.1 billion, according to Reuters data.

The Novi, Michigan-based company, which makes body sealing systems and fluid handling systems for the automotive industry, has attracted initial interest mostly from private equity firms, these people said. JPMorgan Chase (JPM.N) and Lazard Ltd (LAZ.N) are running the sale, according to the people.

Cooper Standard was formed in 2004 when New York-based private equity firm the Cypress Group and Goldman Sachs Capital Partners acquired the automotive segment of Cooper Tire & Rubber Co (CTB.N) for nearly $1.2 billion.

The company had grown through several acquisitions, but filed for Chapter 11 bankruptcy protection in 2009 when auto sales plunged to decade lows amid the global recession. Ford Motor Co (F.N) and General Motors Co (GM.N) are its two largest customers.

Interested parties have put in initial indications for Cooper Standard, with the second round likely to start in mid-September after Labor Day, one of the sources said.

Shares of Cooper Standard, which trades over the counter in a small volume, rose more than 15 percent to $49 on Wednesday.

Another U.S. auto parts supplier that competes with Cooper Standard in the fluid system segment, TI Automotive, is also on the auction block, people familiar with the matter told Reuters previously. [ID:nN1E75K211] TI Automotive's enterprise value is seen in the range of $1.4 billion to $1.6 billion, the people said at that time.

A number of formerly bankrupt auto industry assets, now owned by hedge funds or distressed investors, have gone on the auction block or tapped markets for an initial public offering this year as vehicle sales recover from the recession lows.

Cooper Standard's first-half revenue rose 18 percent to $1.45 billion from the same period last year, while its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) rose 23 percent to $182 million from a year ago. It employs about 21,000 people globally and operates in 19 countries around the world.

TI Automotive and Cooper Standard are the world's two largest suppliers of systems that control, sense and deliver fluids and vapors in vehicles. But TI has greater exposure to the fast-growing Asian market, drawing roughly a quarter of its revenue from China and other Asian markets.

In comparison, Cooper Standard generated 8 percent of its revenue from Asia Pacific last year, while North America and Europe accounted for 86 percent of its sales.

Representatives for Cooper Standard did not immediately return calls for a comment. JPMorgan and Lazard declined to comment. (Reporting by Soyoung Kim and Caroline Humer; editing by Andre Grenon, Bernard Orr)