Cooper Tire & Rubber Co., Ltd. recently announced that it has reached an agreement with the joint venture partners Chengshan Group and Cooper Chengshan Labor Union for the future ownership of Cooper China Chengshan (Shandong) Tire Company. According to the agreement, Cooper and Chengshan Group will employ an appraisal company to value the assets of the two parties' joint venture company, Cooper Chengshan. After completion of the valuation, Chengshan Group will have 45 days to decide whether to acquire 65% of the shares in the joint venture held by Cooper, and Cooper Tire will continue to enjoy sales rights for at least three years in Cooper Chengshan, which can continue during the period. Solid-Platinum brand tires are manufactured at Cooper Chengshan Plant. If the Chengshan Group did not implement the acquisition during the period, then Cooper Tire has the right to purchase 35% of the joint venture equity held by Chengshan Group. However, if both parties have not implemented M&A in the end, Cooper Chengshan will continue to operate according to the current structure. Both parties have set a minimum asset price of US$435 million for Cooper Chengshan Co., Ltd. In this way, Cooper Tire and Chengshan Group hold a minimum of 283 million U.S. dollars and 152 million U.S. dollars worth of shares. In addition, the agreement also stipulated that Cooper Chengshan will guarantee the normal operation of the company under the support of the labor union and the Chengshan Group, including the uninterrupted production of Cooper's brand tire products and provision of quarterly financial and operational data. Due to previous opposition to India’s Apollo Tire’s plan for the acquisition of Cooper, Cooper Chengshan declined to provide third-quarter financial data to Cooper last year, resulting in the company’s failure to draw up a consolidated financial report for the quarter. Brad Hughes, CFO of Cooper Tire, said that the company expects to release its financial report for the third quarter of 2013 at the beginning of March this year. The financial statements for the fourth quarter and 2013 will be announced in mid-March or the end of March, but the specific date not sure yet. Roy Armes, chairman, president and CEO of Cooper Tire, said that the company will complete the valuation of Cooper Chengshan within two months after the Cooper Tire's third-quarter financial report is released, or be completed in mid-May of this year. In addition, he pointed out that the terms of the aforementioned agreement are only a framework at present, and Cooper Tire and Chengshan Group can still make other arrangements for the joint venture company through negotiation. Conveyor Rollersused Rubber Conveyor Belt,Second Hand Conveyor Belt Rubber,Used Conveyor Belt Rubber For Sale,Rubber Belting Acron Power Transmission (zhejiang) Co.,Ltd , https://www.acronpower.com
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