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.
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