Cooper Tire terminates merger agreement

Cooper Tire terminates merger agreement

Copper Tire & Rubber Company has called off its plans to join Apollo Tyres.
Copper Tire & Rubber Company has called off its plans to join Apollo Tyres.

Cooper Tire announced Monday morning that it will not merge with the world's 17th largest tyre manufacturer.

Cooper Tire company officials say they will focus on continuing to build their business.

Cooper Chairman, Chief Executive Officer and President Roy Armes said, "While the strategic rationale for a business combination with Apollo is compelling it is clear that the merger agreement both companies signed on June 12 will not be consummated by Apollo and we have been notified that financing for the transaction is no longer available. While Cooper believes Apollo has breached the merger agreement we will continue to pursue the legal steps necessary to protect the interests of our company and our stockholders, our focus will be squarely on our business and moving it forward."

Armes also said, "We look forward to continuing to execute on our strategy in 2014 and we have a very strong base from which to do thi brands that are respected for quality, a loyal customer base, a flexible global network of manufacturing facilities, a skilled workforce and top technical capabilities."

Page: [[$index + 1]]
comments powered by Disqus