Cooper to Appeal Against Injunction
Cooper has stated that is will immediately appeal to the US Seventh District Circuit Court of Appeals. The announcement follows a US District Court of Indiana ruling granting a preliminary injunction against the sale of four of the company’s 47 Cooper-Standard Automotive facilities. The facilities were due to be sold to an entity formed by The Cypress group.
On 27 September, the United Steelworkers of America filed a complaint asserting they have the right to require a buyer to negotiate new labour agreements before a sale takes place. This action followed Cooper’s announcement on 17 September that a definitive agreement had been signed to sell the automotive group.
“We believe this ruling will be reversed on appeal and both parties continue to pursue the closing of this transaction according to the original schedule,” said Thomas A Dattilo, Cooper’s chairman, president and CEO. “We have protected the employees of Cooper-Standard as the sale agreement requires that all existing contractual arrangements are maintained.”
The court’s decision will affect the Cooper-Standard Automotive facilities in Auburn, Indiana, El Dorado, Arkansas, and two facilities located in Bowling Green, Ohio.