NORTHVILLE, Mich., May 15, 2024
/PRNewswire/ -- As Cooper Standard
(NYSE: CPS) strategically incorporates sustainability throughout
the Company and its business activities, it regularly reports on
its environmental, social and governance (ESG) initiatives. In its
2023 Corporate Responsibility Report (CRR), titled "Commitment to
Excellence," Cooper Standard
provides updates on key sustainability targets, initiatives and
ambitions.
"Our commitment to ESG strengthens our team, partnerships and
business, which are all vital for attracting talent, maintaining a
robust supply base and developing innovative, cost-effective
solutions," said Jeffrey Edwards,
chairman and CEO, Cooper Standard.
"Despite ongoing industry changes, we persist in growing stronger
and focusing on drivers of long-term value creation, aligned with
our purpose of Creating Sustainable Solutions Together."
In 2023, Cooper Standard set new
goals for certain topics that embrace how the Company is evolving
for a new future. Through a goal-review exercise, the Company
evaluated its successes, challenges and the relevance of previously
stated goals, ultimately resulting in a shift in how it measures
and evaluates performance in some key areas. Through this process,
Cooper Standard created new goals
that are taking effect in 2024 and are guiding the Company in the
coming years.
Cooper Standard regularly
conducts materiality assessments to ensure the Company is managing
and reporting on the sustainability issues most important to the
industry and its stakeholders. The most recent materiality
assessment identified seven clear priorities that are critical to
the Company's sustainability efforts, which include its financial
goal of achieving and sustaining double-digit adjusted EBITDA
margins and returns on invested capital.
The Company's 2023 "Commitment to Excellence" report discusses
these priorities, that include:
- Business Ethics & Integrity: maintaining a
world-class reputation for conducting honest, ethical and
responsible business practices;
- Climate Change: reducing the Company's impact on the
environment and taking action to manage climate risks;
- Diversity, Inclusion and Belonging: fostering and
maintaining a culture that supports and promotes diversity,
inclusion and belonging;
- Employee Engagement & Talent Development: achieving
world-class performance in talent strategy by creating an inclusive
and supportive environment to retain and attract the best
talent;
- Energy & Emissions: reducing the Company's carbon
emissions through energy-efficient programs, capital investments,
innovations and collaboration;
- Innovation: continuously evolving and embracing
innovative ideas to exceed stakeholder expectations; and
- Product Lifecycle: implementing sustainable materials
and processes throughout each stage of our product lifecycle where
feasible and practical for our business.
About Cooper Standard
Cooper Standard, headquartered in
Northville, Mich., with locations
in 21 countries, is a leading global supplier of sealing and fluid
handling systems and components. Utilizing our materials science
and manufacturing expertise, we create innovative and sustainable
engineered solutions for diverse transportation and industrial
markets. Cooper Standard's
approximately 23,000 employees are at the heart of our success,
continuously improving our business and surrounding communities.
Learn more at www.cooperstandard.com or follow us on LinkedIn, X,
Facebook, Instagram or YouTube.
Contact: Chris Andrews
Cooper Standard
(248) 596-6217
candrews@cooperstandard.com
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SOURCE Cooper Standard