Cooper-Standard Holdings Inc. (CPS) Business

Item 1.        Business

Cooper-Standard Holdings Inc. (together with its consolidated subsidiaries, the “Company,” “Cooper Standard,” “we,” “our” or “us”) is a leading manufacturer of sealing systems and fluid handling systems (consisting of fuel and brake delivery systems and fluid transfer systems). Our products are primarily designed for passenger vehicles and light trucks that are manufactured by global automotive original equipment manufacturers (“OEMs”) and replacement markets. Nearly all of our activities are conducted through our subsidiaries.

Cooper Standard is listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “CPS.” The Company has approximately 22,000 employees, including 4,000 contingent workers, across 108 facilities in 20 countries. We believe we are the largest global producer of sealing systems, the second largest global producer of the types of fuel and brake delivery products we manufacture, and the third largest global producer of the types of fluid transfer systems we manufacture. We design and manufacture our products in each major region of the world through a disciplined and sustained approach to engineering and operational excellence. We operate in 65 manufacturing locations and 43 design, engineering, administrative and logistics locations.

Approximately 86% of our sales in 2025 were to OEMs. Our largest customers are Ford Motor Company (“Ford”), General Motors Company (“GM”), Stellantis, Volkswagen Group, Mercedes-Benz, and Renault-Nissan. Our other customers include BMW, Jaguar/Land Rover, Toyota, Hyundai, Honda, and Rivian, among others. Our OEM customers in China include BYD, Geely, and Chery, among others. The remaining 14% of our 2025 sales were primarily to Tier I and Tier II automotive suppliers, non-automotive customers, and replacement market distributors. The Company’s products are featured on more than 430 nameplates globally.

Our organizational structure primarily consists of global product-line focused business segments. For the periods presented herein, our business was organized in two reportable segments: Sealing Systems and Fluid Handling Systems. All other business activities are reported in Corporate, eliminations and other. On an ongoing basis, we undertake restructuring, expansion and cost reduction initiatives to improve competitiveness.

Corporate History and Business Developments

Cooper-Standard Holdings Inc. was established in 2004 as a Delaware corporation and began operating on December 23, 2004 when it acquired the automotive segment of Cooper Tire & Rubber Company. Cooper-Standard Holdings Inc. operates the business primarily through its principal operating subsidiary, Cooper-Standard Automotive Inc. (“CSA U.S.”). Since the 2004 acquisition, the Company has expanded and diversified its customer base through a combination of organic growth and strategic acquisitions.

Our Industrial and Specialty Group (“ISG”) business is a dedicated team that leverages Cooper Standard’s decades of engineering and manufacturing expertise to deliver OEM-quality solutions across diverse transportation and industrial markets. We furthered the expansion of our ISG business through the acquisition of Lauren Manufacturing and Lauren Plastics in 2018.

In 2023, we finalized the divestiture of our European technical rubber products business and sold the Company’s entire controlling equity interest in a joint venture in the Asia Pacific region.

Business Strategy

Cooper Standard’s Purpose statement - Creating Sustainable Solutions Together - reflects the Company’s focus on creating solutions that ensure the long-term health of the business and the sustained value that we work each day to deliver to our stakeholders (customers, investors, employees, suppliers and communities). Our key strategic imperatives are defined as:

Cooper Standard’s global alignment around these imperatives continues to drive further value in many areas of the business.

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Operational and Strategic Initiatives

As part of Cooper Standard’s world-class operations, the Company leverages its CSOS (Cooper Standard Operating System) to drive growth and maintain global consistency across engineering design, program management, manufacturing process, purchasing and IT systems. Standardization across all regions is particularly crucial to supporting customers’ global platforms that require the same design, quality and delivery standards worldwide. Cooper Standard is also implementing digital technologies across manufacturing, from core enterprise systems to advanced analytics and artificial intelligence (“A.I.”). Our strategy leverages enterprise resource planning (“ERP”) standardization, A.I.-assisted manufacturing, and smart factory principles to create a highly data-driven, automated, and efficient production environment. Through these initiatives, the Company has successfully utilized CSOS to achieve an average annual savings of approximately $40 million each of the past five years by enhancing operational efficiency.

We also utilize A.I. systems for automated process control in polymer extrusion and other continuous manufacturing processes to help reduce process variation, improve product quality, and enhance operational efficiency. To support the deployment of these technologies and evaluate potential commercial applications, the Company formed Liveline Technologies Inc. as a wholly-owned subsidiary.

In addition, as part of our continued focus on sustainability and corporate responsibility, the Company’s Global Sustainability Council provides executive-level oversight for our sustainability strategy to help ensure alignment and integration with business goals and stakeholder priorities. The council maintains a holistic look at the Company’s environmental, social and governance initiatives, tracking rapidly-evolving best practices and regulations to further support our long-term strategic goals.

Cooper Standard continues to advance its diversification strategy through its ISG business, which is charged with accelerating and maximizing expertise in the Company’s core product types for applications in the industrial and specialty markets. The Company also drives growth and diversification through its applied materials science offerings, which include the Fortrex™ chemistry platform that provides performance advantages while also significantly reducing carbon footprint.

Leveraging Technology and Materials Science for Innovative Solutions

We use our technical and materials science expertise to provide customers with innovative and sustainable product solutions. Our engineers use the results of advanced computational simulations and incorporate a broad understanding of materials science to design products which meet or exceed our customers’ stringent requirements. We believe our reputation for successful innovation in product design and materials is the reason our customers consult us early in the development and design process of their next-generation vehicles or products.

Cooper Standard uses its i3 Innovation Process (Imagine, Initiate and Innovate) as a key mechanism to capture novel ideas while promoting a culture of innovation. Our global product line teams and Global Technology Council carefully evaluate these ideas, selecting the most promising ones for accelerated development. We are continuously cultivating innovative technologies based on materials expertise, process know-how, and application vision, which may drive future product direction. We have developed several significant technologies, especially related to advanced materials, processing and weight reduction. These include: FlexiCore®, a thermoplastic body seal that replaces traditional metal carriers in vehicle on-body seals with a more eco-friendly, lightweight plastic; FlushSeal™, an advanced integrated solution for frame-under-glass static sealing systems offering better appearance, improved aerodynamics, quieter ride and reduced weight; TPE body seal, a next generation body seal that replaces traditionally less sustainable EPDM and metal with recyclable thermoplastic materials which save significant component weight; eCoFlow™ switch pump, a solution that offers features of both an electric water pump and electronically driven valve in a single integrated coolant control module; plastic coolant hub, a solution that combines many fluid handling components and a uniquely integrated pressure balancing feature into a sophisticated centralized compact plastic manifold; MagAlloy® brake tube coating, a processing technology for brake lines that increases long-term durability through superior corrosion resistance; and Easy-Lock® quick connect, a small package coolant and fuel vapor quick connect. Given the trajectory and anticipated future growth of electric vehicles, Cooper Standard has developed innovations to provide lightweight plastic tubing with our PlastiCool® 2000, smooth and convoluted mid-temperature multilayer tubing, and our next-generation Ergo-Lock® and Ergo-Lock® + VDA quick connectors for glycol thermal management needs.

Cooper Standard is strategically integrating digital tools and advanced analysis to help deliver the best solutions. We offer advanced computer-aided engineering and digital simulations for engineered solutions. In addition, our team of experts has developed digital tools that enable them to conduct prototype testing without the need for physical samples, resulting in sustainability benefits. We can provide up to 100% virtual testing of the products we produce.

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We incorporate A.I. technologies across several aspects of our business where they provide measurable operational benefits. These include proprietary A.I.-based tools such as Formulink, which supports the development of polymer compounds, and virtual validation models that assist in evaluating product performance and reducing physical testing requirements.

In addition, the Company applies automation and A.I. to internal productivity and decision‑support activities across various functions, including engineering, finance, manufacturing, purchasing, cybersecurity, and information technology operations. These agentic A.I. systems operate within the Company’s established governance and security frameworks for responsible A.I. use.

Our innovations are receiving industry recognition. Our FlexiCore® Thermoplastic Body Seal received the SAA Innovations in Lightweighting Award in 2024 and was named a 2025 Automotive News PACE Pilot finalist. Cooper Standard earned an Environment + Energy Leader Award in 2022 for our Fortrex® chemistry platform, in addition to being named a General Motors Overdrive Award winner in the ‘Sustainability’ category in 2021, a 2018 Automotive News PACE Award winner, and a 2018, 2019, and 2023 Society of Plastics Engineers Innovation Award finalist. Cooper Standard’s A.I.-enhanced development cycle for polymer compound development was named a finalist for the 2019 Automotive News PACE Awards.

In 2025, our quick connector with integrated temperature sensor was recognized as a 2025 Society of Plastics Engineers (SPE) Automotive Innovation Award finalist. In 2024, our Plastic Coolant Hub Technology was selected as a 2024 Automotive Innovation Award winner in the Powertrain category and our eCoFlow™ Switch Pump was named as a 2025 Automotive News PACE Pilot Award winner. Cooper Standard’s fluid handling products were also selected as the Society of Plastics Engineers 2022 Automotive Innovation Award winner in the Material category for our innovative battery electric vehicle thermoplastic thermal management solution utilizing PlastiCool® 2000 multilayer tube and Ergo-Lock® connectors.

Industry

The automotive industry is one of the world’s largest and most competitive markets. Consumer demand for new vehicles largely determines sales and production volumes of global OEMs. The business and commercial environment in each region also plays a role in vehicle demand as it relates to fleet vehicle sales and industrial-use vehicles such as light and heavy trucks.

OEMs compete for market share in a variety of ways including pricing and incentives, the development of new, more attractive models, branding and advertising, and the ability to customize vehicle features and options to meet specific consumer needs or demands. They rely heavily on thousands of specialized suppliers to provide the many distinct components and systems that comprise the modern vehicle. They also rely on these automotive suppliers to develop technological innovations that will help them meet internal and consumer demands as well as regulatory requirements.

The supplier industry is a highly competitive industry and is generally characterized by high barriers to entry, significant start-up costs and long-standing customer relationships. The criteria by which OEMs judge automotive suppliers include quality, price, service, launch performance, design and engineering capabilities, innovation, timely delivery, financial stability, global footprint and sustainability. Over the last decade, the most successful suppliers have been able to achieve manufacturing scale globally, reduce structural costs, diversify their customer base and provide innovative, value-added technologies.

The technology of today’s vehicles is evolving rapidly. This evolution is being driven by many factors including consumer preferences and social behaviors, a competitive drive for differentiation, regulatory requirements and environmental impact and safety. Cooper Standard supports these trends by providing innovations that reduce weight, increase life-cycle and durability, reduce interior noise, enhance exterior appearance, simplify the manufacturing and assembly process, and help reduce a vehicle’s environmental impact. These are innovations that can be applicable and valuable to virtually any vehicle (including internal combustion, hybrid or battery electric powertrains) or vehicle manufacturer and, in many cases, can also be transferred to non-automotive applications in adjacent markets. Cooper Standard remains closely aligned with our customers and is prepared to meet their evolving needs as they shift their fleets and offer more electric vehicle (“EV”) and hybrid options. We are focused on growing our business in the EV segment by leveraging our technology and innovation to provide value-add solutions for increasingly specialized technical requirements.

Markets Served

Our automotive business is focused on the passenger car and light truck market, up to and including Class 3 full-size, full-frame trucks, better known as the global light vehicle market. This is our largest market and accounts for approximately 96% of our global sales.

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Customers

We are a leading supplier to numerous OEMs and are increasing our presence with major OEMs throughout the world. The following charts show the percentage of sales to our top customers for the years ended December 31, 2025, 2024 and 2023:

Our other customers include OEMs such as BMW, Jaguar/Land Rover, Toyota, Hyundai, Honda, and Rivian, among others. Our OEM customers in China include BYD, Geely, and Chery, among others. Our business with any given customer is typically split among several contracts for different parts on a number of platforms.

Products

Our product lines include sealing systems and fluid handling systems (consisting of fuel and brake delivery systems and fluid transfer systems). These products are produced and supplied globally to a broad range of customers in multiple markets.

In addition to these product lines, we also sell our core products into other adjacent markets. The percentage of sales by product line and other markets for the years ended December 31, 2025, 2024 and 2023 are as follows:

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Competition

We believe that the principal competitive factors in our industry are quality, price, service, launch performance, design and engineering capabilities, innovation, timely delivery, financial stability, global footprint and sustainability. We believe that our capabilities in these core competencies are integral to our position as a market leader in each of our product lines. Our sealing systems products compete with Toyoda Gosei, Henniges, Hutchinson, Standard Profil, HSR&A, SaarGummi and JianXin, among others. Our fluid handling systems products compete with TI Automotive, Akwel, Hutchinson, Chinaust, Sulian, Sanoh, SFC, Teklas, Tristone, and HSR&A, among others.

Joint Ventures and Strategic Alliances

Joint ventures represent an important part of our business, both operationally and strategically. We have utilized joint ventures to enter and expand in geographic markets such as China, India and Thailand, to acquire new customers and to develop new technologies. When entering new geographic markets, teaming with a local partner can reduce capital investment by

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leveraging pre-existing infrastructure. In addition, local partners in these markets can provide knowledge and insight into local practices and access to local suppliers of raw materials and components.

The following table shows our significant unconsolidated joint ventures as of December 31, 2025:

Research and Development

We have a dedicated team of technical and engineering resources for each product line, some of which are located at our customers’ facilities. We utilize simulation, digital tools, best practices, standardization and track key process indicators to drive efficiency in execution with an emphasis on manufacturability and quality. Our development teams work closely with our customers to design and deliver innovative solutions, unique for their applications. Amounts spent on engineering, research and development, and program management were as follows:

Intellectual Property

We believe that one of our key competitive advantages is our ability to translate customer needs and our ideas into innovation through the development of intellectual property. We hold a significant number of patents and trademarks worldwide.

Our patents are grouped into two major categories: (1) specific product invention claims and (2) specific manufacturing processes that are used for producing products. The vast majority of our patents fall within the product invention category. We consider these patents to be of value and seek to protect our rights throughout the world against infringement. While in the aggregate these patents are important to our business, we do not believe that the loss or expiration of any one patent would materially affect our Company. We continue to seek patent protection for our new products, and we develop significant technologies that we treat as trade secrets and choose not to disclose to the public through the patent process. These technologies nonetheless provide significant competitive advantages and contribute to our global leadership position in various markets. We believe that our trademarks, including FlexiCore® Thermoplastic Body Seal, eCoFlow™ switch pump, FlushSeal™ sealing systems, Gen III Posi-Lock® quick connects, Easy-Lock® quick connect, MagAlloy® brake tube coating, Ergo-Lock® + VDA quick connect, PlastiCool® 2000 multi-layer tubing for glycol thermal management and Fortrex® materials platform, help differentiate us and lead customers to seek our partnership.

We also have technology sharing and licensing agreements with various third parties, including Nishikawa Rubber Company, one of our joint venture partners in sealing products. We have mutual agreements with Nishikawa Rubber Company for sales, marketing and engineering services on certain sealing products. Under those agreements, each party pays for services provided by the other and royalties on certain products for which the other party provides design or development services. We also have licensing and joint development agreements for commercial applications of our Fortrex™ chemistry platform in non-automotive industries.

Innovation, Materials, and Product Lifecycle

The global transition toward a lower-carbon, more circular economy continues to shape our industry and the markets in which we operate. The international response to risks and opportunities of climate change is transforming our global economy. Our most significant opportunity to contribute is by reducing the environmental impact of our products and manufacturing processes. We purposefully apply sustainable principles in the design and production of our products, reducing the environmental impact from sourcing through end-of-life. These efforts also enable our customers to reduce their own environmental footprints.

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When obtaining or innovating materials for our products, we seek to sustainably source raw materials, increase the use of recycled content or recyclable material where feasible, reduce the use of hazardous chemicals wherever possible, and ensure proper disclosure of restricted materials to customers and regulators. We believe our culture of innovation is a key differentiator, enabling us to compete and succeed within an increasingly dynamic global market.

Supplies and Raw Materials

Cooper Standard is committed to building and maintaining strong relationships with our supply partners. We recognize the importance of engaging with suppliers to create value for our customers.

The principal raw materials for our business include rubber, carbon black, process oils, and plastic resins. Principal procured components are primarily made from plastic, carbon steel, aluminum and stainless steel. We manage the procurement of our direct and indirect materials to assure supply continuity and to obtain the most favorable total cost. Procurement arrangements include short-term and long-term supply agreements that may contain formula-based pricing tied to commodity indices. These arrangements provide quantities needed to satisfy normal manufacturing demands. We believe we have adequate sources for the supply of raw materials and components for our products with suppliers located around the world.

Our business is susceptible to inflationary pressures with respect to raw materials. Abrupt changes in the market prices or availability of certain key raw materials may result in operational and profitability challenges for the Company and the industry as a whole. Cooper Standard has historically worked with customers to implement or expand index-based commercial agreements that have enabled us to partially mitigate the impact of volatile material markets.

Seasonality

Within the automotive industry, sales to OEMs are often lowest in the months preceding model changeovers or during planned assembly plant shutdowns. Automotive production typically slows during July, August and during year-end holidays, and our quarterly results may reflect these seasonal patterns. However, broader economic conditions and shifts in consumer demand may influence or alter the industry's traditional seasonality. In recent years, global light vehicle production, inventory levels, and consumer demand experienced significant disruptions that diverged from historic norms. Prolonged supply chain challenges further constrained output, limiting automotive OEMs’ ability to rebuild inventory and respond to accumulated consumer demand. As supply chain pressures eased, production and inventory levels gradually returned to a more typical balance. Although overall production volumes remain below earlier historical levels, seasonality of automotive production has largely normalized.

Backlog

Our OEM sales are generally based upon purchase orders issued by the OEMs, with updated releases for volume adjustments. As such, we typically do not have a firm and definitive backlog of orders at any point in time. Once selected to supply products for a particular platform, we typically supply those products for the platform life, which is normally five to eight years, though this term is not guaranteed. In addition, when we are the incumbent supplier for a given platform, we believe we have a competitive advantage in winning the redesign or replacement platform, although future awards are not guaranteed.

Human Capital and Safety

As of December 31, 2025, we had approximately 22,000 employees, including 4,000 contingent workers. We believe that we maintain good relations with both our union and non-union employees and, in the past ten years, have not experienced any major work stoppages.

Our people have always been the driving force of value at Cooper Standard. We continue to embrace new ways of working, and our unwavering dedication to keeping our employees healthy and safe has only made them more critical to our success. We accomplish this by developing the capabilities of our employees through continuous learning and performance management processes. Additionally, building an internal talent pipeline supports the achievement of this priority. In 2025, our internal fill rate was approximately 74%. This metric, which is based on salaried, director-level positions and above, helps us to understand where employees are advancing in their careers and the effectiveness of our internal development programs. For 2025, our combined voluntary and involuntary salaried employee turnover rate was approximately 12%. We believe that our culture and continued effort to provide our employees with growth opportunities contributes to retaining our strong talent.

In addition, we aim to diversify our workforce because we recognize the value of engaging different opinions and backgrounds in a global company. We are committed to recruiting, developing and retaining a high-performing and diverse workforce. A global measurement for our diversity is women in the company and women in leadership. In 2025, women made up approximately 40% of our workforce. Of our leadership positions, defined as vice president positions and above, women held approximately 23% of such roles.

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Safety remains a top priority and primary focus of management. An emphasis on reducing workplace incidents helps Cooper Standard to maintain a safe workforce and continue to deliver world-class results for product quality. In 2025, our total incident rate (“TIR”) was 0.24, which represents an Occupational Safety and Health Administration measurement of recordable injuries x 200,000 / total hours worked. Based on our review of industry peer sustainability reports, we have a lower TIR relative to our peer group and better than our world-class benchmark.

Community Involvement

Supported by the Cooper Standard Foundation, our employees are highly engaged in their local communities. The Foundation’s mission is to strengthen the communities where Cooper Standard employees work and live through the passionate support of children’s charities, education, health and wellness, and community revitalization. The Cooper Standard Foundation is a 501(c)(3) organization with oversight by its Board of Trustees and Philanthropic Committee. For more information on the Company’s community involvement, please visit our Corporate Responsibility Report located on the Cooper Standard website.

Sustainability

Cooper Standard integrates sustainability into its core business strategy to drive long-term value, maintain regulatory compliance and meet stakeholder expectations. The Board of Directors of the Company (the “Board”) oversees the Company’s environmental, social and governance strategy to ensure alignment with long-term objectives. Specific responsibilities are delegated across Board committees, and all directors receive regular updates through a structured calendar of key dates and developments. The Nominating and Corporate Governance Committee of the Board reviews environmental, social and governance topics at least annually and the Company provides updates on its performance annually through its Corporate Responsibility Report.

In 2025, Cooper Standard was named to Newsweek’s list of America’s Most Responsible Companies for the seventh consecutive year and recognized on the USA Today America’s Best Climate Leaders 2025 list for the second consecutive year. Additionally, Nissan honored the Company for its sustainability and socially responsible practices as did EcoVadis. These awards are a further testament to Cooper Standard’s commitment to driving value for all of our stakeholders including the communities we live and operate in.

Cooper Standard considers itself a steward of the environment, and we actively monitor the impact of our business and products. We prioritize our environmental management as a means of driving and sustaining excellence. In 2025, we established ambitious targets to achieve carbon neutrality in Europe by 2040 and globally by 2050, reinforcing our commitment to reducing greenhouse gas emissions and supporting a sustainable future. We are subject to a broad range of federal, state, and local environmental and occupational safety and health laws and regulations in the United States and other countries, including regulations governing: emissions to air, discharges to water, noise and odor emissions; the generation, handling, storage, transportation, treatment, reclamation and disposal of chemicals and waste materials; the cleanup of contaminated properties; and human health and safety. We have made, and will continue to make, expenditures to comply with environmental requirements. While our costs to defend and settle known claims arising under environmental laws have not been material in the past and are not currently estimated to have a material adverse effect on our financial condition, such costs could be material to our financial statements in the future. Further details regarding our commitments and contingencies are provided in Note 20. “Contingent Liabilities” to the consolidated financial statements included in Item 8. “Financial Statements and Supplementary Data” of this Annual Report on Form 10-K (the “Report”).

Market Data

Certain market data and other statistical information used throughout this Annual Report on Form 10-K is based on data from independent firms such as S&P Global, among others. Other data is based on good faith estimates, which are derived from our review of internal analyses, as well as third-party sources. Although we believe these third-party sources are reliable, we have not independently verified the information and cannot guarantee its accuracy and completeness. To the extent that we have been unable to obtain information from third-party sources, we have expressed our belief on the basis of our own internal analyses of our products and capabilities in comparison to our competitors.

Available Information

We make available free of charge on our website (www.cooperstandard.com) our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”), as soon as reasonably practicable after we electronically file such material with, or furnish it to, the U.S. Securities and Exchange Commission (“SEC”). Our reports filed with the SEC also may be found on the SEC’s website at www.sec.gov. We may also use our website as a

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distribution channel of material company information. Neither the information on our website nor the information on the SEC’s website is incorporated by reference into this Report unless expressly noted.

Forward-Looking Statements

This Annual Report on Form 10-K includes “forward-looking statements” within the meaning of U.S. federal securities laws, and we intend that such forward-looking statements be subject to the safe harbor created thereby. Our use of words “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “believe,” “outlook,” “guidance,” “forecast,” or future or conditional verbs, such as “will,” “should,” “could,” “would,” or “may,” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, we cannot assure you that these expectations, beliefs and projections will be achieved. Forward-looking statements are not guarantees of future performance and are subject to significant risks and uncertainties that may cause actual results or achievements to be materially different from the future results or achievements expressed or implied by the forward-looking statements. Among other items, such factors may include: volatility or decline of the Company’s stock price, or absence of stock price appreciation; impacts and disruptions related to the wars in Ukraine and the Middle East; the effects of the current U.S. government shutdown and its impact on our customers; our ability to achieve commercial recoveries and to offset the adverse impact of higher commodity and other costs through pricing and other negotiations with our customers; work stoppages or other labor disruptions with our employees or our customers’ employees; prolonged or material contractions in automotive sales and production volumes; our inability to realize sales represented by awarded business; escalating pricing pressures; loss of large customers or significant platforms; our ability to successfully compete in the automotive parts industry; availability and increasing volatility in costs of manufactured components and raw materials; disruptions in our supply base or our customers’ supply base; competitive threats and commercial risks associated with our diversification strategy; possible variability of our working capital requirements; risks associated with our international operations, including changes in laws, regulations, and policies governing the terms of foreign trade such as increased trade restrictions and tariffs; foreign currency exchange rate fluctuations; our ability to control the operations of our joint ventures for our sole benefit; our substantial amount of indebtedness and rates of interest; our ability to obtain adequate financing sources in the future; operating and financial restrictions imposed on us under our debt instruments; the underfunding of our pension plans; significant changes in discount rates and the actual return on pension assets; effectiveness of continuous improvement programs and other cost savings plans; significant costs related to manufacturing facility closings or consolidation; our ability to execute new program launches; our ability to meet customers’ needs for new and improved products; the possibility that our acquisitions and divestitures may not be successful; product liability, warranty and recall claims brought against us; laws and regulations, including environmental, health and safety laws and regulations; legal and regulatory proceedings, claims or investigations against us; the potential impact of any future public health events on our financial condition and results of operations; the ability of our intellectual property to withstand legal challenges; cyber-attacks, data privacy concerns, other disruptions in, or the inability to implement upgrades to, our information technology systems; the possible volatility of our annual effective tax rate; the possibility of a failure to maintain effective controls and procedures; the possibility of future impairment charges to our goodwill and long-lived assets; our ability to identify, attract, develop and retain a skilled, engaged and diverse workforce; our ability to procure insurance at reasonable rates; and our dependence on our subsidiaries for cash to satisfy our obligations.

You should not place undue reliance on these forward-looking statements. Our forward-looking statements speak only as of the date of this Annual Report on Form 10-K and we undertake no obligation to publicly update or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except where we are expressly required to do so by law.

This Annual Report on Form 10-K also contains estimates and other information that is based on industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information.