NOVI, Mich. (May 19, 2009)—Cooper-Standard Holdings Inc., the parent company of Cooper-Standard Automotive Inc., posted net sales of $401.8 million for the first quarter, down from $756 million in the like period of 2008.
The decrease resulted primarily from significantly lower vehicle production volume in North America, Europe and Brazil; unfavorable changes in vehicle mix; and the strengthening of the U.S. dollar, the company said.
Cooper-Standard reported a $55 million net loss for the first quarter, compared to net income of $15.7 million for the year-earlier period. Lower sales volume, increased restructuring and reorganization costs, and unfavorable foreign exchange contributed to the loss, the company said.
Severe economic conditions have kept demand for new vehicles at historically low levels and brought transformational changes to the global automotive industry, said James S. McElya, chairman and CEO of Cooper-Standard Automotive. Cost-containment actions taken by the company's management team, including a reorganization of the firm's operating structure, have enabled it to partially offset lower industry volumes and position the company for success as the industry consolidates, while fully serving our global customers, he said.
Cooper-Standard's March 26 restructuring announcement not only changed its operating and reporting structure but also eliminated 650 jobs, about 20 percent of its salaried work force, globally.