Cooper increases ownership in Mexican businesses
Cooper Tire & Rubber Co. will increase its ownership levels in its affiliated Mexico operations effective Jan. 1, 2011.
As part of its long term strategy "to produce high quality, cost competitive products," Cooper says it will raise its ownership level in:
* Corporacion de Occidente SA de CV to 58% from 38%; and
* Cooper Tire & Rubber Co. de Mexico SA de CV to approximately 100% from 50%. (The increase in ownership of this entity, which conducts sales and marketing in Mexico, is the result of a capital call by the entity and conversion of an existing loan into equity.)
According to Chairman, CEO and President Roy Armes, these actions align with the company's strategic plans, "and should allow us to continue investing and growing these important pieces of the Cooper organization."
Corporacion de Occidente SA de CV is located in Guadalajara. It has the capacity to produce 20,000 passenger, light truck and truck tires a day, based on Modern Tire Dealer's latest research.
For more information on Cooper Tire, visit www.coopertire.com.