Cooper not yet ready to resume financial reporting
Although production of Cooper brand tyres at the Cooper Chengshan (Shandong) Tire joint venture facility will soon recommence, Cooper Tire & Rubber has cautioned that returning to normal financial reporting may take a little longer.
In a statement issued on 13 January, the US tyre maker wrote “Cooper has continued to work with the joint venture partner and labor union at CCT to restore normal operations as soon as possible. Last week, CCT began to ramp up production of Cooper brand tyres. We have now received word that CCT will begin the process of entering past and current financial and operational data into company computer systems.”
Cooper Tire says it will monitor the data entry undertaken in Rongcheng, China to assure it is undertaken properly and that it will continue without interruption. But while the entry of this data shows the company is making good progress towards resolving the problems that arose through the Apollo Tyres acquisition offer, Cooper indicates that patience may be required. “While this represents a positive step toward Cooper restoring regular financial reporting, the company continues to work with the labor union and joint venture partner to resolve open issues on a long-term basis. Therefore, at this time, it is premature for Cooper to determine when it will resume regular financial reporting.”
Financial information covering Cooper Tire & Rubber’s performance in the third quarter of 2013 was unable to be published as, the tyre maker reported in November, it had “not been able to obtain this business and financial information from the joint-venture in a sufficient manner to complete the Form 10-Q (as required by the US Securities and Exchange Commission).”