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Standard Products to Record One-Time Charge for Worldwide Plant Consolidation Expenses

23 August 1999

Standard Products to Record One-Time Charge for Worldwide Plant Consolidation Expenses

    DEARBORN, Mich., Aug. 23 -- The Standard Products Co.
announced today that it will record a one-time after-tax charge of
approximately $15.3 million, or about $0.95 diluted earnings per share, in the
first quarter of fiscal 2000, related to a plan to reorganize its European
network of manufacturing facilities.  Additional after-tax charges, estimated
at $5.9 million, will be recorded as they are incurred.  These additional
charges consist primarily of employee relocation and equipment start-up costs
associated with the realignment of manufacturing operations among the
Company's facilities. It is expected that most of these charges will be
absorbed prior to the completion of the previously announced merger agreement
with Cooper Tire & Rubber Company.
    The benefits that the Company expects to receive once the plan has been
fully implemented include, among other things, annual after-tax savings
ranging from $5.0 million to $6.0 million.
     "This plan of reorganization is the result of a detailed review of the
Company's existing capacity in Europe and our anticipated future
requirements," said Vice Chairman and Chief Executive Officer Ronald L.
Roudebush.  "The actions being planned are necessary to better match the
capacity of our Engineered Rubber Products segment with the expectations of
our customers and shareholders."
    Mr. Roudebush added that Cooper Tire & Rubber, which entered into a
definitive merger agreement on July 27, 1999, to acquire all of the
outstanding common shares of the Company, is aware of the Company's capacity
review and supports these actions.
    The decision as to which facilities will be affected will be finalized
within the next few weeks, subject to consultation with the appropriate works'
councils, trade unions and other employee representatives.  A key goal of the
plan is to minimize the consequences of this decision on the employees to be
affected.
    Certain statements in this press release, especially those concerning the
Company's future earnings, constitute "forward-looking statements" as that
term is defined under the Private Securities Litigation Reform Act of 1995.
The achievement of the projections and estimates set forth is subject to
certain general risks and uncertainties and the various factors contained in
the reports filed by the Company with the Securities and Exchange Commission.
    Standard Products produces highly engineered polymer-based products and
systems on a global basis for the automotive, appliance and construction
industries.
    More information may be found on the Internet at
http://www.standardproducts.com .