Loading…
Thursday, November 27, 2014
Current Weather
Loading Current Weather....
Published: Monday, 11/4/2013 - Updated: 1 year ago

BUSINESS BRIEF

Cooper Tire says deal made with labor unions

BLADE STAFF
The headquarters of the Cooper Tire & Rubber Company is seen in Findlay, Ohio. The headquarters of the Cooper Tire & Rubber Company is seen in Findlay, Ohio.
BLOOMBERG NEWS Enlarge

FINDLAY — Cooper Tire & Rubber Co. said it has reached a tentative agreement with its labor unions that would fulfill a requirement of the imperiled and soon-to-be litigated merger deal with Apollo Tyres Ltd.

A $2.5 billion deal for Apollo to buy Cooper has been on the rocks for a variety of issues, including an arbitrator’s ruling that Apollo must have an agreement with the labor unions that represent Cooper’s U.S. workers before the deal can close.

Cooper said in a filing with the U.S. Securities and Exchange Commission that it has a tentative agreement with the United Steelworkers, but the deal would still have to be approved by Apollo.

An Apollo spokesman did not respond to a request seeking comment on Monday.

Both sides have filed complaints against the other in Delaware court. The trial is expected to begin today.



Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.

Related stories