Cooper and Fate Sign Letter of Intent
Cooper Tire & Rubber Co., a $3.4 billion global tire design, manufacturing and marketing company, and Fate S.A.I.C.I., the leading Argentine tire manufacturer and a global exporter, have signed a letter of intent (LOI) to work together.
Initially, Fate will become a distributor of Cooper branded passenger, light truck and sport-utility vehicle radial tires in Argentina, complementing Fate’s existing product portfolio. Over time, the two companies may also work together on a variety of potential cooperative ventures including:
* tire production,
* offtake arrangements, and
* possible cooperation on research and development activities.
Among other products, Fate produces passenger, light truck, and SUV tires as well as truck and bus radial (TBR) tires at its facility in San Fernando, Argentina. This plant is the largest and most modern tire production facility in that nation, producing approximately five million tires per year.
Cooper has seven tire manufacturing facilities on three continents, and sales and distribution networks around the world.
“Cooper is pleased to align with Fate, a highly respected and quality-focused tire company with extensive reach in Argentina and throughout South America, as we continue to move forward with our strategic plan to grow our business in Latin America,” says Cooper Chief Operating Officer Brad Hughes.
“Fate is enthusiastic about the foreseen cooperation by complementing our already extensive portfolio of car, light-truck and SUV tires with Cooper’s valuable range of products and its highly respected brand as it will have a positive impact on our sales network while further enhancing Fate’s industrial growth strategy,” says Fate Commercial Manager Miguel Canay.
For more information about the companies and their product, visit these links: