Cooper Tire Issues Statement Regarding Production at Chinese Joint Venture Plant
Jan. 11, 2014: Cooper Tire & Rubber Company (NYSE: CTB) today issued the following statement regarding reports that production of Cooper brand tires has resumed at the Cooper Chengshan (Shandong) Tire (CCT) joint venture facility in Rongcheng, China.
“Preliminary work to ramp up production of Cooper brands at CCT is taking place. While this is a step forward in resolving the issues there, Cooper is looking to the labor union and joint venture partner to assure that production will indeed resume in full and will continue uninterrupted. While restarting production of Cooper brands at CCT indicates positive progress, it is absolutely critical that actions are taken there to allow Cooper to resume regular financial reporting. This remains an open issue and we are working hard to resolve it as our top priority.”