Cooper Tire has reached tentative agreements with the unions representing employees at our Findlay, OH and Texarkana, AR plants relating to the Apollo transaction according to Anne Roman, vice president of communications & Public Affairs.
On Friday, the company reached tentative agreements with the Unions and United Steelworkers (USW) Local 556L (Clarksdale). Details of the tentative agreements are not being disclosed pending review and consent by Apollo. The tentative labor agreements are also subject to review and
ratification by union membership.
In connection with the tentative agreements, Cooper Tire also entered into a waiver agreement with the Unions. The waiver agreement, among other things, provides that the tentative labor agreements reached amongst Cooper Tire, the Unions and United Steelworkers (USW) Local 556L (as described above) will, in certain cases, satisfy the arbitrator's ruling so long as the Merger closes on or before November 18, 2013, even if such agreements are not yet ratified by union membership at that time.
Roman said the company “moved forward with negotiations and the tentative agreements as part of its continuing efforts to do all we can to close the transaction with Apollo as soon as possible.” She added, “Cooper remains committed to the strategic merit of the pending merger.”
In October, Cooper Tire sued Apollo to force the sale to close and get a court order that would allow Cooper to negotiate a binding deal with labor. That lawsuit is on the docket in Delaware Chancery Court November 5-7.