Welcome to our dedicated page for Cooper-Standard Automotive news (Ticker: CPS), a resource for investors and traders seeking the latest updates and insights on Cooper-Standard Automotive stock.
Cooper-Standard Automotive Inc. (NYSE: CPS) is a leading global supplier of rubber and resin products for the automotive industry. Headquartered in Northville, Michigan, the company has a significant presence in 21 countries and employs around 23,000 people. Cooper Standard produces a wide range of products including rubber and plastic sealings, fuel and brake lines, fluid transfer hoses, and anti-vibration systems. These products are essential components used by original equipment manufacturers (OEMs) and the replacement market for passenger vehicles and light trucks.
Among Cooper Standard’s largest customers are industry giants such as Ford, GM, FCA, Peugeot Citroen, and Volkswagen. The company generates a substantial portion of its revenue from its sealing systems products, including innovative solutions like Fortrex, dynamic and static seals, stainless steel trims, flush glass systems, and variable extrusions.
One of Cooper Standard's significant innovations is the FlushSeal™ System, which offers a patented solution for flush glass applications—a growing trend in electric vehicles. This system has been recognized as a finalist for the 2023 Society of Plastics Engineers (SPE) Automotive Innovation Award. The FlushSeal™ System is known for its flexibility, robust glass guidance, and aesthetic appeal, making it a preferred choice for OEMs.
Additionally, Cooper Standard has expanded its partnership with NIKE, Inc. to license its Fortrex™ material platform for footwear applications, underscoring the material's versatility and sustainability. The Fortrex™ material is an elastomeric compound that offers high elasticity, durability, weight savings, and improved performance, making it suitable for various applications beyond automotive, including shoe midsoles. The material also significantly reduces the product lifecycle carbon footprint compared to traditional materials.
Financially, Cooper Standard is on a growth trajectory. For the full year 2023, the company reported improvements in volume and mix, sustainable price adjustments, and reduced material costs. The company continues to leverage its robust engineering and manufacturing capabilities to secure new business awards, particularly in the electric vehicle sector.
In 2024, Cooper Standard announced an operational realignment to optimize asset allocation and enhance growth. This new structure, focused on product lines rather than geographic regions, aims to drive operational efficiency and margin expansion. Recent financial results indicate positive trends, with increases in sales and significant improvements in cash flow and liquidity. The company maintains a strong commitment to innovation, quality, and sustainability, ensuring its continued relevance and competitiveness in the automotive industry.
Cooper Standard (NYSE: CPS) has introduced the eCoFlow™ Switch Pump, a groundbreaking product designed to simplify thermal management systems in electric and hybrid vehicles. This innovative device combines the features of an electric water pump and an electrically driven valve into a single integrated coolant control module.
Key benefits include:
- Efficiency improvements
- Part consolidation
- Reduced electrical wire harness
- Smaller packaging space
- Enhanced system efficiency
- Potential reduction in battery cell needs
The eCoFlow system eliminates pressure drops and waste, provides smoother flow transitions, and reduces system noise. It operates with a single electrical connection, packaging in about half the space of traditional components.
On June 18, 2024, Cooper Standard's Aguascalientes, Mexico mixing facility received the Quality Excellence Award at the 2024 Seraph Operational Excellence Awards. The award recognizes top-performing automotive manufacturing facilities in North America. Cooper Standard was one of five companies honored. The selection process involved an online assessment and a one-day onsite evaluation. This facility was praised for its advanced manufacturing and quality testing processes, including its proprietary LoMOS system and QCLab. This marks the second consecutive recognition for the Aguascalientes facility, which also won a 2023 IndustryWeek Best Plants Award.
Cooper Standard (NYSE: CPS) has announced the appointment of Shannon B. Quinn as president of its Industrial and Specialty Group (ISG) effective June 11, 2024. Quinn, replacing Ramsey Changoo, will focus on advancing the company's diversification strategy to boost growth and enhance the value of its products in industrial and specialty markets. She brings extensive experience in business development, strategy, and engineering, having held senior roles at Bridgestone, Adient, Johnson Controls, and Visteon. Quinn holds a B.Sc. in industrial engineering and an MBA. She is actively involved in industry and community boards.
Cooper Standard (NYSE: CPS) has been named to USA TODAY's America's Best Climate Leaders 2024 list, announced on May 30. This recognition, presented by USA TODAY and Statista Inc., honors companies committed to improving energy efficiency, reducing emissions, and minimizing environmental impact. Chairman and CEO Jeffrey Edwards stated the company's dedication to sustainability and innovation. To qualify, companies must meet criteria including U.S. headquarters, $50 million revenue in 2022, independent emission reporting, and a minimum CDP score of C. Cooper Standard's 2023 Corporate Responsibility Report emphasizes its efforts in reducing environmental impact while promoting business growth.
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.
Cooper Standard Holdings Inc. reported strong results for the first quarter of 2024, with significant margin improvement. Gross profit increased by 47.4%, operating income rose by $17.9 million, and net loss improved by $98.7 million compared to the same period in 2023. The company's adjusted EBITDA also saw a notable increase. With a new product-based management structure in place, Cooper Standard aims to drive further operational enhancements and value creation throughout the year. The company is optimistic about achieving additional margin expansion beyond its initial full-year guidance, contingent on industry production levels.
Cooper Standard (CPS) has been named a General Motors 2023 Supplier of the Year, marking the seventh consecutive time the company has received this recognition. GM's award highlights suppliers exceeding requirements, providing innovative technologies, and ensuring the highest quality in the automotive sector. Cooper Standard's dedication to innovation, sustainability, and quality has been acknowledged by GM, showcasing the company's commitment to meeting the evolving needs of the mobility industry.
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