Armes says Cooper will ‘keep momentum going’
At a conference call following Cooper Tire & Rubber Co.’s release of its third quarter financial results, CEO Roy Armes said the company plans to keep the momentum going that it built up in the quarter, wherein the company saw record performances (see Cooper sales up 4% in third quarter).
The company is cautiously optimistic about 2013, taking into consideration the challenges in the world economy and the upcoming U.S. presidential election and other factors. It plans to increase its profitability by offering higher value products and thus increasing its value to its customers, said Armes.
Cooper Tire also plans to increase its foothold in the commercial market, aided by the popularity of its Roadmaster line of truck tires, which has been winning OE contracts from vehicle manufacturers.
The company feels raw material prices in the fourth quarter will remain the same as the third, but may trend higher in the new year.
As for the rumors concerning a news item that Indian company Apollo Tyres Ltd. was going to buy controlling interest in the Findlay, Ohio-based tire manufacturer, Armes said company does not comment on rumors and speculation. Although the information gave the company “a distracting few days,” Armes said, “we remain focused on what we’re doing.”