August 12, 2014
Cooper: More time to decide CCT ownership
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.”