Cooper Cutting 1,100 Jobs

FINDLAY, Ohio--Citing increased raw material costs, the Cooper Tire & Rubber Co. said it plans to eliminate 1,100 jobs, or about 4.3 percent of its work force. The company will close or reduce operations at 18 plants throughout the world.

Third quarter financial results show that Cooper’s profits declined 32 percent.

The cuts come even as the industry races to produce enough tires to replace the 6.5 million tires being recalled by Bridgestone/Firestone Inc. Most of the recalled tires were affixed to Ford Explorer sport utility vehicles.

“While our tire group benefited from the increased demand for SUV tires, higher productivity in our plants and the positive impact of a $3 million tax settlement--raw material costs continued to increase,” said Thomas A. Dattilo, president and chief executive officer.

Cooper’s restructuring involves cutting jobs at plants in Luzerne and Mio, Mich.; Rocky Mount, N.C.; and the Oliver Rubber facility in Dallas, the company said. The cuts are to be completed by the end of next year.

The company said it expects annual cost savings of about $30 million and proceeds of about $25 million from the sale of facilities and assets.

Cooper earned $23 million, or 32 cents a share, in the quarter that ended Sept. 30, down from $34 million, or 46 cents a share, from last year.

Sales were $844 million for the quarter, up from $532 million.

Cooper has more than 23,000 employees, with 63 manufacturing facilities in 13 countries.