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Cooper Tire & Rubber Finalizes Acquisition of Siebe

29 January 2000

    FINDLAY, Ohio--COOPER TIRE & RUBBER COMPANY completed the previously announced acquisition of the automotive fluid handling division of Invensys plc., commonly known as Siebe Automotive for a purchase price of $244.5 million, which was financed using the Company's existing short-term borrowing arrangements.

    Commenting on the merger, Thomas Dattilo, president and chief operating officer, said, "We are excited to add Siebe Automotive to our organization. The integration of Siebe with Cooper hose allows us to provide complete fluid systems to our customers."

    Company Description

    Cooper Tire & Rubber Company is headquartered in Findlay, Ohio and specializes in the manufacture and marketing of rubber and plastic products. Products for Cooper's tire group include automobile, motorcycle and truck tires, inner tubes, tread rubber and retreading equipment. In the automotive group, Cooper is an original equipment supplier of sealing, trim, vibration control and hose systems for the automotive industry in North America, Europe and South America. Other products for this group include rubber and plastic sealing components for the refrigeration industry in North America. Cooper has more than 24,000 employees and 71 manufacturing facilities in thirteen countries.