Cooper Tire to Conduct Capacity Study; Restructuring Will Likely Follow - aftermarketNews

Cooper Tire to Conduct Capacity Study; Restructuring Will Likely Follow

The study will determine how to optimize manufacturing capacity in relation to developing market and customer needs, and will likely result in restructuring, including capacity consolidation or geographical shifts to production.

FINDLAY, Ohio — Cooper Tire plans to conduct a capacity study of its U.S. manufacturing facilities over the next 90 days.

 

The study will determine how to optimize manufacturing capacity in relation to developing market and customer needs, and will likely result in restructuring, including capacity consolidation or geographical shifts to production. All of the company’s U.S. manufacturing facilities are included for review and will be analyzed based on a combination of factors, including long-term financial benefits, labor relations and productivity.

 

CEO Roy Armes, commented, "We are committed to realizing the goals outlined in our Strategic Plan to create a sustainable, competitive position in the markets we serve. This study will likely result in difficult decisions, but is a significant step toward our attainment of those goals. In the end this will benefit Cooper’s stakeholders and ultimately position us as a stronger company.

 

"Economic conditions, including demand for replacement tires, are certainly more difficult than when we initially developed the plan, and this has resulted in surplus capacity in our U.S. facilities. Unfortunately, this type of action has become a necessity. In announcing the study, we have launched a transparent process and will communicate openly with those who may be affected in either manufacturing or administrative positions. Our company has significant liquidity resources available during these challenging economic times, and we believe that we will emerge from this process stronger and more competitive."

 

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