Cooper’s Majority Stake in Chengshan Approved
Cooper Tire & Rubber Company has announced that all necessary government approvals have been received for its transaction to obtain 51 per cent ownership in China’s third-largest Chinese-owned tyre manufacturer. The closing is anticipated in early January 2006.
In October, Cooper announced its intention to obtain majority ownership in Cooper Chengshan (Shandong) Passenger Tire Co Ltd and Cooper Chengshan (Shandong) Tire Company, Ltd. The agreement also includes a 25 per cent ownership position for Cooper in a steel cord factory which is located adjacent to the tyre manufacturing facility in Rongchen City. The two new companies together were known as Shandong Chengshan Tire Company, Ltd. (Chengshan) of Rongchen City, Shandong, China.
The company makes passenger car and light truck radials as well as radial and bias commercial tyres primarily under the brand names Chengshan and Austone.