Nike extends licensing agreement for Cooper-Standard’s footwear material

Cooper Standard (CPS) announced its partnership with Nike (NKE), 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. 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.