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Published: Wednesday, 8/1/2007

Michelin North America buys Cooper Tire unit

Cooper Tire & Rubber Co., of Findlay, has sold a tire manufacturing subsidiary it acquired in 1999 to Michelin North America Inc., of Greenville, S.C., Michelin announced yesterday.

Michelin & Cie, the world s second-largest tire maker, signed an agreement to acquire Oliver Rubber Co., which produces tread rubber and retreading equipment, for $69 million. It has a plant in Salisbury, N.C.

The transaction is subject to approval of the Federal Trade Commission and the U.S. Department of Justice.

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