Cooper finalizes Chengshan acquisition
Cooper Tire & Rubber Co.'s purchase of 51% of Shandong Chengshan Tire Co. Ltd., one of China's largest tire manufacturers, will be official on Feb. 4.
Two new companies are slated to be formed when the deal goes through: Cooper (Shandong) Passenger Tire Co. Ltd. and Cooper Chengshan (Shandong) Truck Tire Co. Ltd.
Chengshan builds passenger and light truck radials, in addition to bias and radial truck tires.
Cooper says Chengshan is China's third-largest tire manufacturer with expected sales of $500 million in 2005.
The Findlay, Ohio-based tiremaker received all necessary government approvals to buy Chengshan last month.
Cooper's purchase also includes 25% ownership in a steel cord factory in Shandong, China.