Cooper Standard : 2024 Corporate Responsibility Report
CPS
Published on 05/14/2025 at 07:39
TRANSFORMATION
CHANGE IS CONSTANT
Corporate Responsibility 2024
1
RESPONSIBLE BUSINESS
64
Business Ethics & Integrity
65
Business Continuity
71
Responsible Sourcing & Human Rights
73
Climate Change, Energy, Emissions & Waste
79
Data Privacy, Cybersecurity, A.I. & Digitization
86
2024 CLOSING SUMMARY
95
APPENDIX
96
Our History
96
Key Metrics
97
GRI / SASB Content Index
102
Financial Statements
108
ABOUT COOPER STANDARD
OUR FOCUS
MESSAGE FROM THE CEO 3
ABOUT COOPER STANDARD 4
Governance 6
Global Footprint 11
Products & Services 12
Financial & Operating Performance 13
Awards & Recognition 14
Materiality & Stakeholder Engagement 16
Cooper Standard's ESG Goals 19
WINNING IN THE WORKPLACE 22
Talent Strategy 23
Workplace Health & Safety 33
Community Involvement 40
2-3
Cooper Standard's* 2024 Corporate Responsibility Report covers calendar year 2024. This report contains Standard Disclosures
from the Global Reporting Initiative (GRI) Sustainability Reporting Standards, and Sector Standards from the Sustainability Accounting Standards Board (SASB), both of which can be found in the index.
This report has not been externally assured. For more information, contact [email protected].
*Cooper Standard is also referenced as "the Company," "CPS," "we," "our" and "us" in this report.
ENHANCING PRODUCT VALUE 45
Innovation, Materials & Product Lifecycle 46
Product Quality & Safety 54
Customer Trust & Satisfaction 60
3
MESSAGE FROM THE CEO
Transformation is not just a buzzword; it is a vital element of successful business. In today's fast-paced world, change is constant and companies that embrace transformation are better equipped to meet customer needs and navigate through ever-changing market dynamics. At Cooper Standard, we recognize that our ability to adapt and evolve is crucial to our long-term success in providing value to those we serve.
In 2024, we undertook a significant reorganization of our business into a product line-focused structure. This strategic shift has enabled us to accelerate improvements across our operations, resulting in enhanced efficiencies and stronger financial performance. Our Commitment to
Excellence is reflected in our results, including a remarkable 52% increase in operating income compared to 2023.
As we transform and improve our business, safety and quality remain our top priorities. In 2024, we achieved our best safety performance ever, with a safety incident rate of just 0.30 per 200,000 hours worked. This includes 22 of our plants completing the year with a perfect safety record, demonstrating our core value of Safety First and dedication to maintaining world-class safety standards. Furthermore, this year was also our best quality year, as we delivered exceptional product quality and customer service, achieving our lowest IpB score and 97.4% green customer scorecards for both product quality and program launches.
Our achievements in world-class service and quality have garnered industry recognition, including GM's Supplier of the Year award for the eighth consecutive year, the SAA Innovations in Lightweighting Award for our FlexiCore™ Thermoplastic Body Seal and recognition as a PACE
(Left) Jeff Edwards and Larry Ott at a Cooper Standard global employee webcast
recognition, our ongoing leadership and progress in sustainability continues to gain broader attention, such as being named one of Newsweek's America's Most Responsible Companies for the sixth consecutive year and inclusion on USA TODAY's list of America's Best Climate Leaders. As part of our continuing commitment to sustainability in 2025, we are also proud to announce our new aspirational goals to become carbon neutral by 2040 in Europe and 2050 globally.
Our transformational momentum from 2024 has carried forward into 2025, and we are excited about the opportunities that lie ahead. Our product-focused organization positions us to deliver additional product innovations, further improvements in sustainability and increasing profitability. We believe this powerful combination will drive increasing value for all our stakeholders.
Pilot winner for our eCoFlow™ Switch Pump. In addition to industry JEFFREY EDWARDS
Chairman and CEO
ABOUT
COOPER STANDARD
GRI 2-1
Cooper Standard is a global leader in supplying systems and components for sealing and fluid handling in diverse transportation and industrial markets that boasts approximately 22,000 team members (including contingent workers) operating in 124 facilities across 20 countries. Our success depends on our team's dedication to continually enhancing our business and communities. Aligned with our Mission
to Be the First Choice of the Stakeholders We Serve, Cooper Standard
In This Section Governance Global Footprint
Products & Services
Financial &
Operating Performance
Awards & Recognition
Important Links
Corporate Governance Guidelines Global Footprint
Sealing Systems
Fluid Handling Systems Industrial & Specialty Group
pursues world-class excellence and embodies our Purpose of Creating
Sustainable Solutions Together.
NYSE : CPS
Materiality &
Stakeholder Engagement ESG Goals
Newsroom Email Alerts 2024 Proxy Statement
With a rich history spanning over 65 years, we have a legacy of developing award-winning and patented technologies. Our workforce pioneers the production of lightweight solutions, leveraging advancements in materials sciences and manufacturing processes.
In this report, we highlight the ethical, environmental, philanthropic and economic impact generated by Cooper Standard over the past year. Addressing our stakeholder groups, we articulate our strategies to
tackle industry challenges while remaining dedicated to our Core Values. Inspirational narratives illustrate how our culture propels our business and positively impacts the communities where we work and live.
Additionally, we commemorate the milestones achieved in upholding the highest standards of quality and ethical practices. Change is constant, and as market dynamics shift globally, we transform our annual reporting to enhance transparency and demonstrate our commitments to people and the planet.
5
CREATING SUSTAINABLE SOLUTIONS TOGETHER
Cooper Standard's Purpose, Mission, Values and Capabilities define our culture and agility for future growth and development and align with the evolving transportation and industrial markets. Our Purpose is composed of four foundational words:
Creating: To develop the next, game-changing advancements in materials science and product innovations to be the leader in mobility solutions.
Sustainable: To preserve our planet and business viability by reducing our environmental footprint for better communities, people and societies.
Solutions: To deliver high-quality products and services to our stakeholders, so they can trust us as their preferred partner that is ready to deliver.
Together: To partner with all our stakeholders to create a better tomorrow.
A PRODUCT LINE-FOCUSED BUSINESS
Cooper Standard recognizes that change is constant, and as our global markets continue to evolve, it is essential that we remain agile and adapt to meet industry needs and drive future profitable growth. As a result, the Company transitioned from a global functional organizational structure to a global product line-focused organizational structure at the beginning of 2024 and established Sealing and Fluid Handling Systems business segments. This new structure enables the Company to more effectively focus our strategic imperatives and resources on achieving our Mission to Be the First Choice of the Stakeholders We Serve.
In addition, we believe a product line-focused structure will help:
Provide complete P&L (profit and loss) ownership for each product line to drive profitable growth and increased shareholder value;
Reinforce pricing discipline to protect program margins;
Prioritize capital allocation to help optimize resources;
Streamline operations and engineering execution to increase efficiencies; and
Deliver customer-focused innovations faster to the market.
As always, our Core Values and Capabilities will continue to serve as the foundation of our Company and overall culture.
Disclaimer
Cooper-Standard Holding Inc. published this content on May 14, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2025 at 11:38 UTC.