NORTHVILLE, Mich., May 17, 2023
/PRNewswire/ -- Cooper Standard
(NYSE: CPS) today issued its 2022 Corporate Responsibility
Report (CRR), titled "Creating Sustainable Solutions Together," to
bring awareness to the ethical, environmental, philanthropic and
economic impact the Company has made over the past year. Each year,
Cooper Standard's CRR report evolves
to further align with shifting market requirements around the
world, aiming to provide transparency for its stakeholders. In
2023, the Company is setting new goals for its environmental,
social and governance (ESG) efforts to further embrace how it is
evolving for a new future.
"The auto industry has weathered many challenges and is in the
midst of a seismic shift with the transition to electric vehicles,"
said Jeffrey Edwards, chairman and
CEO, Cooper Standard. "We believe
that the industry's latest challenges offer many opportunities, and
our team continues to strategically transform our Company for a
sustainable future. We're excited to share our journey through our
latest Corporate Responsibility Report."
Cooper Standard conducts regular
materiality assessments in line with best practices to help ensure
the Company is managing and reporting on the sustainability issues
most important to the industry and its stakeholders. The most
recent materiality assessment, completed in 2021, 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 2022 "Creating Sustainable Solutions Together"
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: valuing the
perspectives and leveraging the strengths of all employees to
maintain 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: enhancing products and embracing
innovative ideas to fulfill the Company's mission to "Be the First
Choice of the Stakeholders We Serve;" and
- Product Lifecycle: implementing sustainable materials
and processes throughout each stage of our product lifecycle where
feasible and practical for our business.
"Our 2022 report shares with stakeholders our plans to meet
industry challenges, while staying true to the deliverables that
drive us," said Edwards. "Everything we do is aligned with our
mission to 'Be the First Choice of Stakeholders We Serve.' We
strive for world-class excellence and live by our purpose of
Creating Sustainable Solutions Together."
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 Twitter
@CooperStandard.
CPS_G
Contact for Media:
Chris Andrews
Cooper Standard
(248) 596-6217
CAndrews@cooperstandard.com
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SOURCE Cooper Standard