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.
Cooper Tire Europe has launched an extensive new rally tyre range. Developed and manufactured by Cooper Tire Europe, the new range covers tarmac, classic tarmac, gravel and mud and snow (M+S) applications. The manufacturer states that the range is designed to provide ultra-high performance and reliability across numerous applications and levels of rallying competition.
Cooper Tire & Rubber Company intends to completely acquire its joint venture tyre manufacturing facility in Mexico. It currently holds a 58 per cent share in Corporación de Occidente S.A. de C.V. (COOCSA), but has entered into a definitive agreement with partner Trabajadores Democraticos de Occidente S.C. de R.L. de C.V. (TRADOC) to acquire its 42 per cent stake. On Friday, a majority of TRADOC members voted in favour of the agreement.
Cooper Tire & Rubber Company has published its seventh annual Corporate Social Responsibility (CSR) and Sustainability report. The report, titled ‘Responsibility the Cooper Way’, is the seventh such report from Cooper Tire.
Cooper Tire has seen sales and profits rise in North America, while international figures have declined considerably. Overall, this amounts to small increases for the company. The company’s international operations (outside the Americas) loss of 1 million dollars is 8 million dollars down on the operating profit of 7 million dollars in the first quarter of 2018, which is largely explained by the 5 million dollars it has spent in ending light tyre production in Melksham, Wiltshire. Cooper expects these charges to amount to between 8 and 11 million dollars in the total year.