Cooper Standard Reports on Sustainability Progress, Sets New ESG Goals in Latest Corporate Responsibility Report

Rhea-AI Summary

Cooper Standard (NYSE: CPS) has released its 2023 Corporate Responsibility Report, "Commitment to Excellence," detailing its latest ESG (environmental, social, and governance) initiatives.

The company has set new sustainability goals for 2024, focusing on business ethics, climate change, diversity, employee engagement, energy efficiency, innovation, and sustainable product lifecycle management. The report emphasizes Cooper Standard's commitment to long-term value creation and maintaining double-digit adjusted EBITDA margins and returns on invested capital.

CEO Jeffrey Edwards highlighted the importance of these efforts in attracting talent and developing cost-effective solutions. The report also includes insights from the company's materiality assessments, identifying seven key priorities essential for sustainability and stakeholder engagement.

Positive

• New sustainability goals set for 2024, focusing on critical areas.
• Commitment to maintaining double-digit adjusted EBITDA margins.
• Reduced carbon emissions through energy-efficient programs.
• Fostering diversity, inclusion, and belonging within the company.
• Ongoing innovation to meet stakeholder expectations.
• Implementation of sustainable materials throughout product lifecycle.

Negative

• No specific financial performance data provided for 2023.
• Long-term goals may incur additional costs and investments.
• Potential challenges in meeting newly set sustainability targets.

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

FAQ

What are the new sustainability goals set by Cooper Standard for 2024?

Cooper Standard has set goals focusing on business ethics, climate change, diversity, employee engagement, energy efficiency, innovation, and sustainable product lifecycle management.

How does Cooper Standard plan to reduce its carbon emissions?

Cooper Standard plans to reduce its carbon emissions through energy-efficient programs, capital investments, innovations, and collaborations.

What financial targets has Cooper Standard set in its latest report?

Cooper Standard aims to achieve and sustain double-digit adjusted EBITDA margins and returns on invested capital.

What are the key priorities identified in Cooper Standard's 2023 Corporate Responsibility Report?

The key priorities are business ethics, climate change, diversity, employee engagement, energy efficiency, innovation, and product lifecycle management.

How does Cooper Standard's ESG commitment benefit its business?

The ESG commitment helps attract talent, maintain a robust supply base, and develop innovative, cost-effective solutions.