Cooper Finalises Chengshan Purchase
Cooper Tire & Rubber Company today announced that its acquisition of 51 per cent of Cooper Chengshan (Shandong) Passenger Tire Co, Ltd, and Cooper Chengshan (Shandong) Tire Company, Ltd. has been finalised with an effective date of 4 February 2006.
In October, 2005, Cooper announced agreement to purchase China’s 3rd largest Chinese-owned tyre manufacturer with estimated 2005 sales of $500 million. In December 2005, all necessary government approvals were received. The purchase also includes a 25 per cent ownership for Cooper in a steel cord factory, which is located adjacent to the tyre manufacturing facility in Rongchen City, Shandong, China.
The company will continue making passenger car and light truck radials as well as radial and bias commercial tyres for the replacement, OE and export markets, according to an official statement.