The Fortrex material combines the best attributes of ethylene propylene diene monomer and thermoplastic vulcanizate materials, which are typically used in sealing, while eliminating their negative aspects.
The company consolidated three existing Industrial Specialty Group facilities and approximately 250 employees to maximize service, quality and cost efficiencies for its Industrial Specialty Group customers.
During the first quarter of 2017, the company generated strong net income of $41.7 million, or $2.20 per diluted share, and adjusted EBITDA of $111 million on sales of $902.1 million.
Linda Conrad joined Cooper Standard in 2014 as director, FP&A in the corporate accounting group and was promoted to the corporate financial staff. Since joining the company, Conrad has transformed the FP&A group from a reporting and consolidation function to a strategically focused analytical organization.
Adjusted net income for the fourth quarter totaled $48.1 million or $2.56 per fully diluted share. Adjusted EBITDA totaled $103.8 million, up 13.7 percent year-over-year.