Cooper CEO says buyer committed to US operations
By JOHN SEEWER
TOLEDO, Ohio (AP) - The head of 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 - one of which is located in Arkansas.
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 1 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% 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.Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.