3 Jan 2006
Findlay, Ohio -- Cooper Tire & Rubber Co. has received approval from the Chinese government to buy 51 percent ownership of Shandong Chengshan Tire Co. Ltd., paving the way for the $70 million deal to close later this month.
Cooper said in October that it wanted to acquire majority control of Shandong Chengshan, which now operates as Cooper Chengshan (Shandong) Passenger Tire Co. Ltd. and Cooper Chengshan (Shandong) Tire Co. Ltd. The deal also includes a 25-percent ownership stake in a steelcord factory.
The Rongchen City, China-based company makes passenger and light truck radials and radial and cross-ply commercial tyres, mainly under the brand names Chengshan and Austone.
From Rubber & Plastics News (A Crain publication)
Press release from Cooper Tire
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