During the second quarter of 2022, The Goodyear Tire & Rubber Company approved a plan related to the integration of Cooper Tire. This plan aims to streamline the company’s global administrative structure by reducing duplicated positions, and it will also result in the closure of “redundant” Cooper Tire warehouse locations in the Americas. According to Goodyear, the plan will result in “approximately 490 job reductions.”
Larger than ever following its acquisition of Cooper Tire in 2021, Goodyear Tire & Rubber reported year-on-year net sales growth of 31 per cent in Q2 2022. Sales amounted to US$5.2 billion in the three months to 30 June 2022, and Goodyear states that even excluding the Cooper transaction, this figure reflects year-on-year growth of over 15 per cent. Other factors driving this increase included improvements in price/mix, higher volume, and increased sales from other tyre-related businesses.
Cooper Tire has “officially joined the Goodyear team”. That’s how Cooper Tire general manager EMEA, Jaap Van Wessum characterised the takeover of the company by fellow US tyremaker Goodyear, which was completed on 7 June 2021. Van Wessum also offered further details of what Cooper’s integration into Goodyear means for Cooper suppliers and partners.
Cooper Tire Europe says that as of the 2021 season, its rally tyres will be an official tyre option for the Motorsport UK British Rally Championship (BRC). As such, it will offer competitors six patterns and a total of 19 sizes for 13- to 18-inch rim diameters from its refreshed rally tyre range.
Following the news that it is raising money to fund the cash part of its takeover of Cooper Tire, The Goodyear Tire & Rubber Company announced that it has priced its private offering to eligible purchasers of $850 million aggregate principal amount of senior notes due 2029 and $600 million aggregate principal amount of senior notes due 2031.
Cooper Tire Europe has announced a continuation of its exclusive tyre supply to the FIA World Rallycross and FIA European Rallycross championships for the 2021, 2022 and 2023 seasons. This year’s World Rallycross season, which commences with the World RX of Norway on 12 June, will be the 8th contested on Cooper tyres.
The US government’s National Highway Traffic Safety Administration (NHTSA) has announced another recall of tyres produced by Cooper Tire & Rubber. This recall potentially relates to more than 430,000 4×4 and SUV tyres in the sizes 275/65R18 and 275/55R20.
Cooper Tire & Rubber Company has named Tyrone Michael (T.J.) Jordan a director of the company, effective 10 January. Announcing Jordan’s appointment, board chairman John J. Holland said: “T.J. is an accomplished and forward-thinking senior executive with significant experience in the automotive industry. We look forward to leveraging his automotive industry and operations leadership experience as Cooper continues to execute its strategic priorities and works to meet consumer demand for high-quality Cooper tyres. We welcome T.J. to the board and look forward to his valuable counsel and insights.”
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.