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Chengshan to take control of JV with Cooper
Print Edition
A JOINT venture founded by China’s Chengshan Group and US-based Cooper Tire & Rubber Co will be wholly owned by Chengshan.
The two companies have reached an agreement in which Chengshan will buy the 65 percent of shares held by Cooper in the joint venture at a price of more than US$280 million.
Last year, more than 5,000 Chinese employees of the joint venture, Cooper Chengshan (Shandong) Tire Co in east China’s Shandong Province, halted production to vent discontent over the highly leveraged acquisition of the parent company Cooper by India-based Apollo Tyres Ltd.
Workers feared the acquisition might worsen the joint venture’s financial strain and harm their interests.
They were joined by employees of factories owned by Cooper in the US and Britain.
Chengshan and Cooper agreed in late January to resume production and operation of the joint venture and to give Chengshan the rights to buy Cooper’s shares or sell its own in the joint venture. The new company will be named Pulin Chengshan (Shandong) Tire Co.
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