UPDATE New Cooper Tire Owners Says U.S. Plants Will Stay Open
TOLEDO, Ohio (AP) – The head of Ohio’s Cooper Tire & Rubber Co. says a $2.2 billion deal that puts the company under new ownership won’t result in the closings of its three U.S. manufacturing plants.
Cooper chief executive Roy Armes says India’s Apollo Tyres Ltd. also plans to retain Cooper’s management operation in Ohio.
Apollo announced Wednesday that it’s buying Cooper and creating one of the world’s largest tire makers.
Armes says there is little overlap between the two companies and that will create more opportunities for growth in the U.S., China and Africa.
Apollo’s price of $35 per share represents a 43 percent premium over Cooper’s Tuesday closing stock price.
Armes says the deal is good for shareholders and workers because of Apollo’s commitment to operations in Ohio, Mississippi and Arkansas.