Cooper Tire & Rubber Company Exploring Options for Plastics Division
9 February 2000
Cooper Tire & Rubber Company Exploring Options for Plastics Division
FINDLAY, Ohio--Feb. 8, 2000--Cooper Tire & Rubber Company announced it will explore strategic options for its plastics division. Cooper has retained the investment banking firm of W.Y. Campbell & Company, Detroit, Michigan, to assist in assessing these units and developing options for further consideration.Cooper's president and chief operating officer, Tom Dattilo, said, "We intend to focus our efforts on products and technologies that utilize Cooper's engineering, research and development strengths, and demonstrate the best potential for profitable growth. We must determine whether the businesses of the plastics division fit this profile."
The plastics division includes Cooper-Standard's automotive plastics business unit, which manufactures exterior trim products for automotive vehicle manufacturers; Holm Industries, which manufactures seals and gaskets for consumer appliance and construction applications; and OEM Miller, which manufactures corrugated hose and tube products for consumer appliance manufacturers. For calendar year 1999, sales of the plastics division were approximately $215 million. Included in Cooper's 1999 results were sales of approximately $35 million.
Company Description
Cooper Tire & Rubber Company is headquartered in Findlay, Ohio and specializes in the manufacture and marketing of automotive products. Products for Cooper's tire group include automotive, motorcycle and truck tires, inner tubes, tread rubber and equipment. In the automotive group, Cooper is an original equipment supplier of sealing, trim, NVH control systems and fluid handling 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 25,000 employees and 74 manufacturing facilities in thirteen countries. For more information, visit the company's web site at: www.coopertire.com.
Forward-Looking Statements
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 acquisition, 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 analyses 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.