Cooper suffers Q4, fiscal 2008 losses

Tire Business staff report

Findlay, Ohio – Cooper Tire & Rubber Co. reported fourth quarter and fiscal 2008 net losses of $143.5 million (Euro 112.7 million) and $219.4 million, respectively, as sales plunged 16.9 percent in the quarter and 1.7 percent for the year.

Cooper did not release a forecast for 2009, other than to say it is taking actions it deems are “appropriate and will strengthen our business longer term.”

Cooper attributed the losses to high raw material cost increases and production curtailments related…

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