Cooper Tire & Rubber Company announced on Friday that its tyre manufacturing plants in North America will remain shuttered for at least another two weeks. The company began closing down its Findlay, Clarksdale, Tupelo and Texarkana facilities in the USA and El Salto plant in Mexico on 21 March and intended to shut them down for two two three weeks. It says the production pause is being extended both to protect the health and safety of employees and as a response to decreased market demand. Cooper will continue to closely monitor the situation and adjust timing as necessary.
Cooper Tire & Rubber Company has confirmed the temporary shutdown of its tyre plants in Europe. Production at the facilities in Melksham, England and Kruševac, Serbia is being phased down this week. Both plants are expected to remain closed for at least three weeks.
Market demand for tyres in some parts of the world is declining parallel to the spread of the coronavirus, and Cooper Tire & Rubber Company has responded by announcing a temporary shutdown of its tyre manufacturing facilities in the United States and Mexico. In a statement published on Saturday, the tyre maker said it is also “currently assessing plans” for its operations in Europe. Cooper Tires’ plants in China, which reopened several weeks ago and have continued to ramp up production since then, remain in operation.
Representatives of Cooper Tires and Toyo Tires have respectively confirmed they’ll not exhibit at this year’s The Tire Cologne, as previously planned. Their decisions come as governments across Europe announce rigorous measures to delay the spread of coronavirus and reduce its impact wherever possible. Michelin announced its withdrawal as exhibitor last week.
After purchasing its former partner’s 42 per cent share in the Corporación de Occidente S. A. de C.V. (COOCSA) joint venture in Mexico, Cooper Tire & Rubber halted passenger and commercial vehicle production at the site and re-hired the workforce there as employees of Cooper Tires. Brad Hughes, the tyre maker’s president and chief executive officer, reports that Cooper Tires is “now in the process of ramping production back up” at the site. Restructuring the plant will cost the company around US$10 million, an expense that will mainly occur in the first quarter of 2020.
Cooper Tires has been confirmed as exclusive tyre supplier for Motorsport UK British Rallycross Championship. It takes over in this capacity from Toyo Tires, and as such from 2020 the championship will be known as the Motorsport UK British Rallycross Championship 5 Nations Trophy Presented by Cooper Tires.
RallyX Nordic has a new title sponsor, and will henceforth be known as RallyX Nordic presented by Cooper Tires. This new, multi-year arrangement with championship organiser the Scandinavian Touring Cars Corporation (STCC) continues Cooper Tires’ long-standing association with the rallycross series; the tyre maker already serves as official tyre supplier to RallyX Nordic’s Supercar and Supercar Lites categories.
At its Investor Day in New York last Friday, Cooper Tire & Rubber Company outlined strategies for continued shareholder value creation. Management detailed plans to support five-year mid-term targets for operating profit of ten per cent to 14 per cent as well as annual unit volume growth in the low- to mid-single digits and return on invested capital of 14 per cent to 16 per cent.
In addition to serving as title sponsor to the World RX of Great Britain and supplying tyres to all World RX teams, Cooper Tire Europe has been confirmed as presenting sponsor to the RX2 International Series. This is the second consecutive year the tyre maker has acted in this capacity.
The first international rallycross event to be held at the Silverstone Circuit has gained a headline sponsor, and it is Cooper Tires. The event will henceforth be officially known as the Cooper Tires World RX of Great Britain.
Cooper Tires has launched two new products in its high performance range over the last 18 months, something the company describes as an indication that the firm is “committed to offering customers the latest tyre technologies.”
According to the company, Cooper’s knowledge of the motorsport industry and the demands of high performance driving enable the tyre manufacturer to develop road tyres that are optimised for high performance vehicles.
Messe Essen’s Reifen show will be the epicentre of the global tyre industry from 24 to 27 May 2016. The event organiser has confirmed that the 20 largest tyre manufacturers in the world will be present, including key players such as Bridgestone, Continental, Cooper Tires, Goodyear, Falken Tyre Europe, Hankook, Maxxis, Michelin, Pirelli and Yokohama. The demand for stand space for workshop equipment providers is also growing, according to Messe Essen: Corghi, Rema Tip Top and Snap-on will all be amongst the exhibitors.