What Apollo told its U.S. dealers
Apollo Tyres Ltd. shared the reasons for its offer to purchase Cooper Tire & Rubber Co. with its dealers in the United States via email. The message from Neeraj Kanwar, Apollo vice chairman and managing director, was sent to dealers from Emil Herbak, general manager for Apollo Vredestein Tires Inc.
Kanwar's message is reprinted here:
Dear Valued Partner,
I write to you as a valued stakeholder of Apollo Tyres, one who has demonstrated confidence in our company, our team, and our strategy. Your support of Apollo and its management has been the fuel for the growth of our company.
I wanted to share with you the exciting news that two great companies –Apollo and Cooper Tire & Rubber – will be combining to create a global leader in tyre manufacturing and distribution. Together, we will be better positioned for long-term success in today’s increasingly competitive global market. In fact, following this transaction we will be the 7th largest tyre company in the world, with revenues of US$6.6 billion.
For those of you who may not be familiar, Cooper, the 11th largest tyre company in the world, was founded in 1914 and today supplies premium and mid-tier tyres worldwide through renowned brands such as Cooper, Mastercraft, Starfire, Chengshan, Roadmaster and Avon.
As you know, since its foundation in 1972, Apollo has built an international reputation for high performance tyres across a portfolio of well-known premium and mid-tier brands, including the flagship Apollo brand and Vredestein.
By combining Apollo and Cooper, we will now have a presence spanning four continents, with a significant foothold in the three largest automotive markets in the world – the United States, Europe, and China – and will be a leading player in fast-growing markets like India, Africa, and Latin America. The combined company’s diversified product offering will serve the passenger car, light and heavy truck, farm, and off-the-road vehicle segments. Our extended global reach will also provide you, our valued customers and distributors around the world, increased access to a larger portfolio of the quality tyre and brands you have come to expect from us.
Cooper and Apollo each have a long and proud history. Both companies subscribe to a culture of commitment to providing best quality products and service experience, and each has complementary expertise in product mix, service efficiency, technological prowess and geographical reach. As a combined unit, we will be better equipped to be at the cutting edge of the fast-changing global tyre industry.
My team and I remain confident that this transaction will be the springboard to larger success for all of us in the time to come. On behalf of the Board of Directors, I thank you for your support. Sincerely, Neeraj Kanwar Vice Chairman & Managing Director Apollo Tyres
For more information on Apollo’s purchase of Cooper, see: