Attached files
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| 8-K - COOPER TIRE & RUBBER CO | v206038_8k.htm |
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COMPANY
CONTACT:
|
Curtis
Schneekloth
|
FOR
IMMEDIATE RELEASE
|
|
(419)
427-4768
|
Dec.
20, 2010
|
Cooper Tire & Rubber
Company Reports
Increased Investments in
Mexico
Findlay, Ohio, Dec. 20, 2010 - Cooper
Tire & Rubber Company (NYSE:CTB) today announced it will increase its
ownership levels in its affiliated Mexico operations. As part of its long term
strategy to produce high quality cost competitive products Cooper will raise its
ownership level in Corporacion de Occidente SA de CV., to 58 percent from 38
percent upon closing of this transaction. This change is intended to be
effective Jan. 1,
2011, and will result in the entity being fully consolidated starting in 2011 in
the Company's financial results.
The
Company will also be increasing its ownership of Cooper Tire & Rubber
Company de Mexico SA de CV., to approximately 100 percent from 50 percent. This
entity conducts sales and marketing in Mexico and will continue to be fully
consolidated. The increase in ownership is the result of a capital call by the
entity and conversion of an existing loan into equity.
Roy
Armes, Chairman, CEO and President stated, "We are extremely pleased with the
opportunity to increase our ownership at these entities. This action aligns with
the Company's strategic plans and should allow us to continue investing and
growing these important pieces of the Cooper organization."
About
Cooper Tire & Rubber Company
Cooper
Tire & Rubber Company is a global company with affiliates, subsidiaries and
joint-ventures that specialize in the design, manufacture, marketing and sales
of passenger car and light truck tires. The Company also has subsidiaries that
specialize in medium truck, motorcycle and racing tires. With headquarters in
Findlay, Ohio, Cooper Tire has manufacturing, sales, distribution, technical and
design facilities within its family of companies located in 10 countries around
the world. For more information on Cooper Tire, visit www.coopertire.com,
www.facebook.com/coopertire, or twitter.com/coopertire.