Cooper Tires News
#1
Cooper Tires News
Hopefully this will have minimal impact on future tire production from Cooper Tires:
India's Apollo Tyres to buy Cooper Tire for $2.5 billion
Reuters – 6 mins ago
(Reuters) - India's Apollo Tyres Ltd agreed to buy U.S.-based Cooper Tire & Rubber Co for about $2.5 billion in a deal that would make it the world's seventh-largest tire maker and reduce its dependence on a slowing Indian auto market.
The acquisition of Cooper -- the second biggest U.S. tire maker and No. 11 globally with annual sales of $4.2 billion -- will give Apollo access to the U.S. market for replacement tires for cars and light and medium trucks, Cooper's main business.
Apollo, which currently gets two-thirds of its revenue from India, will pay $35 per share, representing a premium of about 43 percent to Cooper's Tuesday close.
"It is very important for us to expand our horizons. Especially in the long run, the U.S. market is going to look up ... ," Apollo Chairman Onkar Kanwar said on a conference call on Wednesday.
The deal is the latest in a string of big overseas acquisitions by Indian companies in recent years, including Tata Motors Ltd's $2.3 billion purchase of Jaguar Land Rover and mobile operator Bharti Airtel Ltd's $9 billion takeover of the African operations of Kuwait's Zain.
India's Apollo Tyres to buy Cooper Tire for $2.5 billion
Reuters – 6 mins ago
(Reuters) - India's Apollo Tyres Ltd agreed to buy U.S.-based Cooper Tire & Rubber Co for about $2.5 billion in a deal that would make it the world's seventh-largest tire maker and reduce its dependence on a slowing Indian auto market.
The acquisition of Cooper -- the second biggest U.S. tire maker and No. 11 globally with annual sales of $4.2 billion -- will give Apollo access to the U.S. market for replacement tires for cars and light and medium trucks, Cooper's main business.
Apollo, which currently gets two-thirds of its revenue from India, will pay $35 per share, representing a premium of about 43 percent to Cooper's Tuesday close.
"It is very important for us to expand our horizons. Especially in the long run, the U.S. market is going to look up ... ," Apollo Chairman Onkar Kanwar said on a conference call on Wednesday.
The deal is the latest in a string of big overseas acquisitions by Indian companies in recent years, including Tata Motors Ltd's $2.3 billion purchase of Jaguar Land Rover and mobile operator Bharti Airtel Ltd's $9 billion takeover of the African operations of Kuwait's Zain.
#3
Yeah that's just what we need... keep selling all our companies to the enemy.... I'm guessing not many of these people paid much attention in history class. Nor do they know much about the culture over there, and their hatred for Americans. So yeah let's just sell people who hate us everything we own so they own it, see how that goes for us......