Chris Eperjesy has parted ways with Cooper Tire & Rubber after serving as the tyre maker’s chief financial officer for the past year and a half, and starting today has taken on a comparable role at Clarios. As CFO, Eperjesy will support the former Johnson Controls International battery business’s global growth objectives in “delivering smart energy storage solutions.”
A ceremony was held on 18 August to mark the start of work on Cooper Tire’s newest regional distribution centre in the USA. The 1 million square foot (92,900m²) facility in Whiteland, Indiana is located near the tyre maker’s Franklin distribution centre and will replace the existing site once it commences operations early next year.
Cooper Tire & Rubber Company reported a second quarter 2020 net loss of US$6 million on 3 August 2020 compared with net income of $9 million in the same period last year. Net sales decreased 26.9 per cent to $496 million. Operating profit was $5 million, or 1.1 per cent of net sales, compared to operating profit of $32 million (4.7 per cent of net sales) in 2019.
Cooper Tire & Rubber Company will open a new 1 million square foot regional distribution centre in Whiteland, Indiana. The facility, minutes from the company’s current Franklin, Ind. warehouse, will replace the Franklin site with all employees expected to transition to the new location. The Whiteland facility is currently under construction and is expected to open in early 2021. Cooper adds that the new site will provide increased capacity for product storage and a modern design for enhanced efficiencies.
Cooper Tire & Rubber Company has announced that Cooper Tire Europe plans to begin the process of reopening its manufacturing plant in Melksham, England, in the first half of June, and expects to be producing tyres there by 15 June 2020. The facility, which primarily manufactures motorcycle and racing tyres, has been temporarily closed since late March due to coronavirus.
Despite intense pressures facing the wider tyre industry, on 8 May 2020 Cooper Tire & Rubber Company maintained a long unbroken streak of quarterly dividends, when it declared a dividend of 10.5 cents per share on common stock, payable 26 June 2020 to stockholders of record at the close of business 1 June 2020. This is the 193rd consecutive quarterly dividend paid by Cooper Tire & Rubber Company.
Cooper Tire & Rubber Company is set to open its manufacturing plants in the United States and Serbia next week (the week commencing Monday 27 April). The facilities have been temporarily closed for approximately five weeks due to coronavirus and its impacts. The company’s plant in Melksham, UK remains temporarily closed. And Cooper’s Mexico plant is to close temporarily.
Coker Tire Company, the world’s largest manufacturer and supplier of collector vehicle tyres and wheels, has expanded its product line with the addition of Avon Tyres. According to the company, Coker Tire brought on the “distinguished British brand as an excellent option for European sports cars and vintage American trucks from the 1940s to the 1980s.”
The season start of many motorsport events has been delayed due to the coronavirus. Unable to get cars out on the track, US-based racecar driver development programme the Road to Indy Presented by Cooper Tires has gone virtual with a new five-race e-series. This e-series allows drivers from Indy Lights Presented by Cooper Tires, the Indy Pro 2000 Championship Presented by Cooper Tires and the Cooper Tires USF2000 Championship to compete against one another using race simulators.
Cooper Tire & Rubber Company has completed the acquisition its Mexico joint venture tyre manufacturing facility, Corporación de Occidente S. A. de C.V. (COOCSA). The agreement to increase its shareholding from 58 to 100 per cent was announced on 1 November 2019.
Just before Christmas, Motorsport UK announced it had selected Cooper Tire Europe as exclusive tyre supplier for the coming three British Rallycross Championship seasons, and as such is renaming the championship the Motorsport UK British Rallycross Championship 5 Nations Trophy Presented by Cooper Tires. The tyre maker says it is “excited” to extend its motorsport supply portfolio.