FINDLAY - Cooper Tire & Rubber Co. plans to spend about $70 million to acquire majority stakes in two Chinese tire companies and a smaller share of a steel cord factory, the Findlay firm announced yesterday.
Cooper Tire and Sandong Chengshan Tire Co. Ltd. agreed to form two joint-venture companies, one for passenger tires and the other for commercial truck tires, with the northwest Ohio firm obtaining 51 percent ownership in each, it said. Cooper Tire also will get a 25 percent stake in a steel cord factory adjacent to the tire operation in Rongchen City.
The agreement is subject to government and regulatory approvals in China. It is expected to be completed by year end.