NOVI, Mich.—Cooper Standard Holdings Inc.'s board of directors has approved a securities repurchase program, authorizing the company to repurchase up to $125 million of its outstanding common stock or warrants to purchase common stock.
The program allows Cooper Standard to repurchase stock on the open market or through private transactions as determined by the firm's management and in accordance with prevailing marketing conditions and Securities and Exchange Commission requirements.
Cooper Standard is not obligated to acquire a particular number of securities, and the program may be discontinued at any time at the firm's discretion.
“We believe that our strategy has generated strong free cash flow and operating improvements,” Chairman and CEO Jeffrey Edwards said in a statement. “The stock repurchase program that was announced (March 14) demonstrates our commitment to creating stockholder value over the long term.”
Headquartered in Novi, Cooper Standard produces automotive systems and components with operations in 20 countries and more than 29,000 employees.