Retail

Cooper: More time to decide CCT ownership

Posted on August 12, 2014

Cooper Tire and Rubber Co. has extended the deadline for determining the future ownership of its Chinese plant, Cooper Chengshan (Shandong) Tire Company Ltd. (CCT).

Cooper, Chengshan Group Company Ltd. and the CCT labor union reached the agreement, which established a process to determine the plant’s ownership, in January 2014. Cooper says it has extended the deadline for a brief period.

“The process to arrive at the long-term ownership of CCT is ongoing,” says Cooper Chairman, Chief Executive Officer and President Roy Armes.

“Today was the deadline for the independent valuation firm to deliver its fair market valuation of CCT, which would have put in motion the put and call options specified by the January agreement.

“Cooper has briefly extended that deadline to allow for some additional work to take place related to the process. We will continue to communicate with investors and others at key points in this process as appropriate,” Armes says.

For details on the agreement, see “Cooper has a plan for ownership of Chinese plant.”

For Cooper’s latest financial results, see “Cooper is up across the board in 2Q.”

Related Topics: Cooper Chengshan (Shandong) Tire (CCT), Cooper Tire & Rubber Co.

Comments ( 0 )
More Stories
News New Jersey Sets Six Months to Comply with Lead Wheel Weight Ban

New Jersey became the ninth state to enact a ban on lead wheel balance weights on Jan. 8, 2018, and has set a six-month window for compliance. 

News Goodyear Launches Tire Maintenance Program for Shared Mobility Services

Goodyear Tire & Rubber Co. is launching an advanced tire maintenance pilot program with STRATIM, a San Francisco-based startup whose technology platform tracks, monitors and oversees fleet maintenance for tens of thousands of vehicles operated by more than 50 mobility services in more than 25 markets across North America.

News Raben Aims to Boost Service Through New Customer Fulfillment Center

Raben Tire Co. LLC has established a call center in Evansville, Ind., the city where the 28-store dealership is headquartered. The new Customer Fulfillment Center (CFC) is designed to provide a consistent positive customer experience via phone and email.

Be the First to Know

Get the latest news and most popular articles from MTD delivered straight to your inbox. Stay on top of the tire industry and don't miss a thing!