FINDLAY, OH — Cooper Tire & Rubber Co. has received government approval to acquire 51 percent ownership in Shandong Chengshan Tire Co., reportedly one of China’s largest tire manufacturers.
Once the deal is complete, Cooper will partner with the Chinese tiremaker to create two new companies: Cooper (Shandong) Passenger Tire Co. and Cooper Chengshan (Shandong) Truck Tire Co.
The agreement also includes a 25 percent ownership position for Cooper in the steel cord factory, located adjacent to the tire manufacturing facility in Rongchen City. The deal, initially announced in October, is expected to close in January.
Click here to view the rest of today’s headlines.