NORTHVILLE, Mich., Jan. 30,
2024 /PRNewswire/ -- Cooper
Standard (NYSE: CPS) today formally announces its
partnership with NIKE, Inc., including a new expansion of its
technology licensing agreement. Based on the initial long-term
agreement reached in 2021 to license Cooper
Standard's Fortrex™ material platform for footwear
applications, the new agreement provides NIKE with limited
exclusivity to use the Fortrex material for footwear and allows
them to develop new applications for use in additional product
lines.
"We're proud to announce our expanded agreement with NIKE for
the licensing of our Fortrex material," said Chris Couch, president, fluid handling &
chief technology officer, Cooper
Standard. "Offering a wide spectrum of performance
properties with a more environmentally friendly carbon footprint,
our Fortrex material has the potential to make a significant impact
for companies looking for sustainable material solutions."
The Fortrex material platform is Cooper Standard's proprietary elastomeric
material that can be used in a wide range of applications including
automotive sealing systems, shoe midsoles, and potentially many
others. The award-winning material offers high elasticity and
enables improvements in quality, durability, weight savings,
aesthetics and performance over competitive solutions. In addition
to superior product performance, Cooper
Standard's Fortrex material can greatly improve product
sustainability. The material offers a dramatic reduction in product
lifecycle carbon footprint versus traditional materials such as
EPDM (53% reduction), TPV (22% reduction) and comparable shoe
midsole foams (43% reduction) through the use of more
environmentally friendly feedstock and manufacturing processes.
For NIKE, the Fortrex material enables an outstanding balance of
performance and sustainability.
About Cooper
Standard
Cooper
Standard, headquartered in Northville, Mich., with locations in 21
countries, is a leading global supplier of sealing and fluid
handling systems and components. Utilizing our materials science
and manufacturing expertise, we create innovative and sustainable
engineered solutions for diverse transportation and industrial
markets. Cooper Standard's
approximately 23,000 employees are at the heart of our success,
continuously improving our business and surrounding communities.
Learn more at www.cooperstandard.com or follow us on LinkedIn, X,
Facebook, Instagram or YouTube.
Contact:
Chris
Andrews
Cooper Standard
(248) 596-6217
candrews@cooperstandard.com
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SOURCE Cooper Standard