Cooper Completes Acquisition of The Standard Products Company
28 October 1999
Cooper Tire & Rubber Company Completes Acquisition of The Standard Products Company
FINDLAY, Ohio--Oct. 27, 1999--Cooper Tire & Rubber Company officials today completed the acquisition of The Standard Products Company following approval yesterday by The Standard Products Company shareholders.Each common share of Standard was converted into the right to receive $36.50 in cash.
On July 27, Cooper announced that a definitive merger agreement had been reached to acquire The Standard Products Company. The combination makes Cooper North America's largest manufacturer of automotive sealing systems, a core product in its automotive group, and will also significantly expand the company's global presence, a key element in its strategic growth plan. On a combined basis, the company expects to generate approximately $3.2 billion in annual revenues in its first full year of operation, of which approximately half will come from tire operations and half from automotive products.
Company Description
Cooper Tire & Rubber Company is headquartered in Findlay, Ohio and specializes in the manufacture and marketing of rubber and plastic products for consumers. Products for Cooper's tire group include automobile and truck tires, inner tubes, tread rubber and equipment for the replacement market. 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 20,000 employees and 50 manufacturing facilities in nine countries. For more information, visit the company's web site at: www.coopertire.com.
Forward-Looking Statement
This report contains forward-looking statements regarding expectations for future financial performance which involve uncertainty and risk. It is possible the company's future financial performance may differ from expectations due to a variety of factors including, but not limited to: changes in economic and business conditions in the world, increased competitive activity, achieving sales levels to fulfill revenue expectations, consolidation among its competitors and customers, technology advancements, unexpected costs and charges, fluctuations in raw material and energy prices, changes in interest and foreign exchange rates, regulatory and other approvals, the cyclical nature of the automotive industry, risks associated with integrating the operations of The Standard Products Company and the failure to achieve synergies or savings anticipated in the merger, and other unanticipated events and conditions.
It is not possible to foresee or identify all such factors. Any forward-looking statements in this report are based on certain assumptions and analysis made by the company in light of its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Prospective investors are cautioned that any such statements are not a guarantee of future performance and actual results or developments may differ materially from those projected. The company makes no commitment to update any forward-looking statement included herein, or to disclose any facts, events or circumstances that may affect the accuracy of any forward-looking statement.