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.
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.