Cooper taking fast boat to China
"We are excited about our growth potential in Asia," Cooper Tire & Rubber Co. Chairman, CEO and President Tom Dattilo recently said.
Yesterday, Cooper announced it had received regulatory approval to acquire 51% of Shandong Chengshan Tire Co. Ltd.
Cooper says Chengshan is the third largest tire manufacturer in China with some $500 million in projected sales this year.
Chengshan has "grown significantly over the past two years... we expect growth in the Chinese automotive and tire industry to keep pace with or exceed the overall economic growth rate in China."
Two new companies will be formed as the result of Cooper's acquisition: Cooper (Shandong) Passenger Tire Co. Ltd. and Cooper Chengshan (Shandong) Truck Tire Co. Ltd.