BRIEF: Report says Cooper Tire could be sold
Oct 11, 2012 (Menafn - The Blade - McClatchy-Tribune Information Services via COMTEX) --An Indian tire manufacture is in the process of acquiring Findlay-based Cooper Tire & Rubber Co., according to a report from an English-language newspaper in India.
The Economic Times reported today that Apollo Tyres Ltd., based in Gurgaon, India, is working to purchase a controlling stake in Cooper for a price in the 600 million to 800 million range.
A Cooper Tire spokesman told The Blade the company would not comment on the report.
The Economic Times report cited unnamed sources and did not include comment from either company.
Cooper Tire is the fourth-largest tire manufacturer in North America, and the 10th largest in the world. Cooper operates solely in the replacement tire industry.
The company reported a 254 million profit last year.
Shares of the company's stock were up more than 8 percent today in early trading.
Contact Tyrel Linkhorn at: firstname.lastname@example.org or 419-724-6134.
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