Cooper Standard (NYSE: CPS) today issued its 2021 Corporate Responsibility Report (CRR), titled “Together” to reflect the Company’s updated purpose statement, “Creating Sustainable Solutions Together.” The report offers insights on key topics considered important by the Company's stakeholders, including its 2021 materiality assessment, new Company Purpose, Mission and Value statements, and an update on its Driving Value Plan.
“Together is a word that brings strong meaning and represents an important element of Cooper Standard’s culture,” said Jeffrey Edwards, chairman and CEO, Cooper Standard. “While we have accomplished much together, we are not finished. Together, we will continue our quest to create the solutions needed for a sustainable business, sustainable products, sustainable partnerships and a sustainable future.”
Cooper Standard conducted its first materiality assessment in 2016, and in 2021 completed its third assessment. This process, in line with best practices, helps 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 priorities include:
- Business Ethics and Integrity: maintaining a world-class reputation for conducting honest, ethical and responsible business practices;
- Climate Change: reducing the Company’s impact on the environment;
- Diversity, Inclusion and Belonging: building an inclusive and supportive environment to retain and attract the best talent to achieve business objectives;
- Employee Engagement and Talent Recruitment: achieving world-class performance in talent strategy;
- Energy and Greenhouse Gas (GHG) Emissions: improving energy efficiencies and using increasingly renewable energy sources to improve performance, decarbonize operations, and reduce GHG emissions;
- 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 Life Cycle:
implementing sustainable practices through each stage of our product lifecycle while also balancing the technological and economic limitations to the sustainability of relevant materials for our products.
The 2021 CRR shares goals and discussions for these top issues, as well as other ESG and product-related topics. To view the current report, click here.
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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