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 This material may not be published, broadcast, rewritten or redistributed.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

  • $30,000 worth of stolen sculptures from LR Riverfront Park are returned

    $30,000 worth of stolen sculptures from LR Riverfront Park are returned

    Sunday, August 31 2014 11:38 PM EDT2014-09-01 03:38:48 GMT
    $30,000 worth of sculptures stolen from downtown was mysteriously returned Sunday morning. A couple found the sculptures in a black garbage bag inside of the Little Rock Vogel Schwartz Sculpture Garden at Riverfront Park. The Sizzling sisters, First Glance, and Conversation with Myself were all donated to the sculpture garden.More >>
    $30,000 worth of sculptures stolen from downtown was mysteriously returned Sunday morning. A couple found the sculptures in a black garbage bag inside of the Little Rock Vogel Schwartz Sculpture Garden at Riverfront Park. The Sizzling sisters, First Glance, and Conversation with Myself were all donated to the sculpture garden.More >>
  • Metro Radar

    Metro Radar

  • "Lost Seal" from Civil War era returns to Saline County

    "Lost Seal" from Civil War era returns to Saline County

    Monday, September 1 2014 10:39 AM EDT2014-09-01 14:39:37 GMT
    Saline County celebrated the return of its“Lost Seal” by installing a historical civil war marker. The county hasn't had the seal since 1863 but it is now back in the counties possession. In 1996 Gary Smith of Pine Bluff discovered the seal with his metal detector in Grant County.More >>
    Saline County celebrated the return of its“Lost Seal” by installing a historical civil war marker. The county hasn't had the seal since 1863 but it is now back in the counties possession. In 1996 Gary Smith of Pine Bluff discovered the seal with his metal detector in Grant County.More >>