News Summary: India tiremaker buying Cooper Tire

News Summary: Cooper Tire CEO says $2.2B deal won't result in US plant closings

Associated Press
Cooper CEO says buyer committed to US operations
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FILE - In this May 2, 2007 file photo, Cooper tires are on display at Vermont Tire and Service Inc. …

TIRE TIE-UP: A tire maker whose main market is in India, Apollo Tyres Ltd., is buying Ohio's Cooper Tire & Rubber Co. for $2.2 billion, creating a company that will rank as the industry's seventh largest.

SMOOTH RIDE?: The deal gives Apollo access to markets in the U.S. and China while Cooper gets a premium price per share and some assurances that its domestic operations that include plants in Ohio, Mississippi and Arkansas won't be gutted.

GROWTH PROSPECTS: Apollo Chairman Onkar Kanwar said the combined company will serve both large, established markets, such as the U.S. and Europe, as well as fast-growing markets such as India, China, Africa and Latin America.

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