Loading…
Friday, December 19, 2014
Current Weather
Loading Current Weather....
Published: Wednesday, 8/27/2014 - Updated: 3 months ago

Cooper Tire subsidiary mulls buyout

BLADE STAFF

FINDLAY — The clock is now ticking for a Chinese subsidiary of Cooper Tire & Rubber Co. to decide whether it wants to buy out the U.S. tiremaker’s operation overseas.

Cooper said Tuesday an independent valuation firm has determined Cooper Chengshan Tire Co. Ltd. is worth approximately $440 million.

The valuation is an important step in determining the future of the plant, which contributed significantly to the derailment of Cooper’s proposed sale to an Indian tiremaker last year. Chinese workers there went on strike soon after the deal with Apollo Tyres Ltd. was announced. Local management also withheld financial data.

Production at the plant has been back to normal since earlier this year, thanks in part to an agreement that allows Cooper’s Chinese partners a chance to buy Cooper’s 65 percent share. Chengshan has 45 days to either purchase Cooper’s share or sell out to the Findlay tire company.

The plant makes bus and truck tires that Cooper sells in the United States. Cooper officials say whatever happens the company is committed to a strong future in China.



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.