Cooper Tire to Merge With Indian Company
Cooper Tire, based in Findlay, Ohio is entering into a definitive merger agreement with Appollo Tyres LTD. of India.Cooper will become a part of Apollo in an all cash transaction which is expected to be around $2.5 billion. The combined company will be the seventh largest tire company in the world. The agreement will pay Cooper Tire stockholders $35 per share in cash.
The announcement from the tire company says "it is expected the Cooper will continue to be led by members of its current management team and will continue to operate its facilities around the world. Cooper will continue to recognize the labor unions and honor the teams of collective bargaining agreements presently in effect, while generally maintaining compensation and benefit levels for non-union employees.
The deal is expected to be approved sometime in the second half of this year. The Texarkana plant is part of the Cooper operation.