Current Issue

PREMIUM CONTENT FOR SUBSCRIBERS ONLY

Suppliers

Tire industry under 'immense pressure,' says Armes

Order Reprints
Tire industry under 'immense pressure,' says Armes

The tire industry is under "immense pressure" from several angles, says Cooper Tire & Rubber Co. CEO Roy Armes, including "volatile raw material costs, decreased global demand and more intense competition."

Cooper is focusing on improving its global cost structure "and we are beginning to see some of the benefits of these actions," he explains. "Unfortunately, much of what we have done is camouflaged by current market conditions.

"While the near-term outlook is pressured by macroeconomic events around the globe, we believe the actions we are taking are appropriate and will strengthen our business longer term."

The Findlay, Ohio-based tiremaker has been able to maintain "considerable cash reserves to support our plans and we maintain unused, existing credit facilities. We are positioning Cooper to emerge from the current recession a stronger competitor."

Related Articles

Cooper will remain 'guarded,' says CEO Armes

Expiration of tariffs will not have big impact, Armes says

Demand for Cooper tires is up, says Armes

You must login or register in order to post a comment.