26 Jan 2006
Findlay Oio - Cooper Tire & Rubber Co. has completed its $70 million acquisition of 51 percent of Cooper Chengshan (Shandong) Passenger Tire Co. Ltd. and Cooper Chengshan (Shandong) Tire Co. Ltd.
Cooper announced the deal to buy a majority interest in China's third largest tyre maker in October. The ownership change will be effective from 4 Feb. The purchase also includes 25-percent ownership in a steel cord factory adjacent to the tyre plant in Rongchen City, Shandong, China.
The Chinese tyre company, formerly named Shandong Chengshan Tire Co. Ltd., has estimated 2005 sales of $500 million, Cooper said. The company will continue to make passenger and light truck radials as well as radial and cross-ply commercial tyres for the replacement, original equipment and export markets.
From Rubber & Plastics News (A Crain publication)
Press release from Cooper Tire
Subscribe for unlimited access. A subscription to European Rubber Journal includes:
Already a subscriber? Log in here
