The Chinese goverment has approved Cooper Tire & Rubber Co.'s bid to increase its ownership of Cooper Chengshan Tire Co. (CCT) from 51% to 65%, according to Cooper officials.
The cost of the additional shares is $18 million "and the transaction will be concluded by month's end."
"CCT is a critical part of Cooper's strategy and has performed exceptionally well," says Allen Tsaur, general manager of Cooper's Asian Pacific operations. "We are excited about the opportunity to increase our ownership in these operations."
