Cooper Tire close to finalizing merger with India company - News, Weather, Sports, Toledo, OH

Cooper Tire close to finalizing merger with India company

The Cooper Tire and Rubber building. The Cooper Tire and Rubber building.
FINDLAY, OH (Toledo News Now) -

Cooper Tire in Findlay announced another step toward finalizing their merger with India-based Apollo Tyres.

Last October, it was learned that Apollo Tyres wanted to acquire the Findlay company. Now, it has been announced that the merger may be finalized this October.

Apollo has offered a $2.5 billion cash buyout. The boards of directors for both companies have approved the deal. Stockholders of Cooper Tire and Rubber will meet on Sept. 20 to vote on the merger.

In a press release, Cooper Tire Chairman, CEO and President Roy Armes said, "We are pleased to announce another step toward finalizing the merger with Apollo Tyres. When completed, the transaction will join two great companies to create a global leader in tire manufacturing and distribution."

Some Findlay residents are worried about Cooper Tire employees losing their jobs, but in June, Apollo said they have no current plans to move any production out of the Findlay plant.

Mobile users, click on the "Video" button in the app to watch this story. Download our app here.

Copyright 2013 Toledo News Now. All rights reserved.

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