Cooper Standard Announces $50 Million Securities Repurchase Program
NOVI — Cooper-Standard Holdings Inc. (OTCBB: COSH), the parent company of Cooper Standard Automotive, a global supplier of automotive sealing, fuel and brake and fluid transfer systems, announced today that its board of directors has approved a securities repurchase program, authorizing the company to repurchase, in the aggregate, up to $50 million of its outstanding common stock, 7 percent cumulative participating convertible preferred stock or warrants to purchase common stock.
Under the program authorized by the board, repurchases may be made on the open market or through private transactions, as determined by the company’s management and in accordance with prevailing market conditions and Securities and Exchange Commission requirements.
The company expects to fund all repurchases from cash on hand and future cash flows from operations. The company is not obligated to acquire a particular number of securities, and the program may be discontinued at any time at the company’s discretion.
Cooper Standard, headquartered in Novi, is a leading global supplier of systems and components for the automotive industry. Products include sealing and trim, fuel and brake, fluid transfer, thermal and emissions and anti-vibration systems. Cooper Standard employs more than 22,000 people globally and operates in 19 countries around the world. For more information, please visit http://www.cooperstandard.com.