1/31/14 – 8:45 A.M.
Cooper Tire & Rubber has announced a deal has been reached with the Chengshan Group in China that will help determine the future ownership of the joint facility the two companies run in China. A release from Cooper says the agreement will determine the value of the Cooper Chengshan, or CCT facility. Once that happens Chengshan will have the first option to buy out Cooper’s 65% stake, or Cooper will be able to buy the 35% stake Chengshan holds. If neither option is taken, the facility will continue to run as a joint venture.
The agreement also confirms that normal operations will be sustained at CCT, which will allow Cooper access to financial data so that financial reporting can resume.
Cooper CEO Roy Armes says in the release, “Overall, this agreement puts Cooper in a solid position to aggressively pursue our strategic plan, which is focused on driving stockholder value as its overarching goal.”Read More →