Cooper CEO says buyer committed to US operations - KATV - Breaking News, Weather and Razorback Sports

Cooper CEO says buyer committed to US operations

Posted:

By JOHN SEEWER
Associated Press

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 This material may not be published, broadcast, rewritten or redistributed.

  • Most Popular StoriesMost Popular StoriesMore>>

  • Watch thieves steal 21 guns in less than 40 seconds

    Watch thieves steal 21 guns in less than 40 seconds

    Thursday, July 31 2014 7:32 PM EDT2014-07-31 23:32:05 GMT
    (KATV)-A pair of robbers broke into a White Hall hunting store and stole 21 guns in less than 40 seconds, according to police.More >>
    (KATV)-A pair of robbers broke into a White Hall hunting store and stole 21 guns in less than 40 seconds, according to police.More >>
  • Metro Radar

    Metro Radar

  • Trauma in the ER: Inside the life of a resident doctor

    Trauma in the ER: Inside the life of a resident doctor

    Thursday, July 31 2014 11:36 PM EDT2014-08-01 03:36:25 GMT
    LITTLE ROCK (KATV) - The state's only level one trauma center for adults also seconds at the state's only teaching hospital. That hospital is of course the University of Arkansas Medical Center in coordination with the University of Arkansas School for Medical Sciences. In part two of a three-part series, KATV's Matt Mershon takes a closer look at what it's like to be a resident doctor at UAMS.More >>
    LITTLE ROCK (KATV) - The state's only level one trauma center for adults also seconds at the state's only teaching hospital. That hospital is of course the University of Arkansas Medical Center in coordination with the University of Arkansas School for Medical Sciences. In part two of a three-part series, KATV's Matt Mershon takes a closer look at what it's like to be a resident doctor at UAMS.More >>