NOVI, Mich., Aug. 2, 2016 /PRNewswire/ -- Cooper Standard (NYSE: CPS) is building a culture of engaged employees working toward a common vision built on global collaboration, standardized practices and an unwavering commitment to customers and innovation that is positively contributing to performance, according to Cooper Standard Chairman and CEO Jeffrey Edwards who participated in this afternoon's panel discussion at the 2016 Center for Automotive Research Management Briefing Seminars in Acme, Mich.
Edwards attributes Cooper Standard's culture, which is built on four strategic pillars, as the driver of the Company's recent growth achievements. According to Edwards, Cooper Standard never veers from advancing its four strategic pillars – voice of the customer, world-class operations, superior products and engaged employees – which has enabled the global auto supplier to improve performance across the Company.
Since implementing the Company's strategy in 2013, Cooper Standard has improved quality by 87 percent, employee engagement by 8 percent and its stock price by 136 percent. Further, revenue is expected to increase by 32 percent* by year-end 2016 (excluding foreign exchange).
"Cooper Standard has a tradition of providing customers with the highest quality solutions in sealing systems, fuel and brake delivery systems, fluid transfer systems and anti-vibration systems," said Edwards. "Importantly, we are focused on designing and developing breakthrough innovations with the voice of our customer."
As a result, Cooper Standard is innovating products that haven't been touched in 30, 40 or sometimes more than 50 years. According to Edwards, Cooper Standard is developing game-changing advancements in material science to produce solutions that reduce weight, lower emissions, enhance design and improve overall performance for its customers.
The Company's performance has been further enabled through the implementation of the Cooper Standard Operating System, the Company's playbook of systems and best practices, which is optimizing global performance and driving operating efficiencies. According to Edwards, the implementation of the Cooper Standard Operating System has resulted in more than $170 million in operating cost savings since 2013.
"All of these successes are the result of our engaged employees. I'm proud of our employees around the world. They are the heart and soul of the Company," said Edwards. "Their alignment to our strategy and dedication to our culture of innovation and operational excellence will continue to drive our results."
About Cooper Standard
Cooper Standard, headquartered in Novi, Mich., is a leading global supplier of systems and components for the automotive industry. Products include rubber and plastic sealing, fuel and brake lines, fluid transfer hoses and anti-vibration systems. Cooper Standard employs approximately 30,000 people globally and operates in 20 countries around the world. For more information, please visit www.cooperstandard.com.
Sharon S. Wenzl
*Based on 2016 guidance
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SOURCE Cooper Standard