Cooper is increasing ownership levels in its affiliated Mexican operations.
The company will raise its stake in Corporacion de Occidente SA de CV. to 58 percent from 38 percent. The change takes place in January, resulting in the entity being fully consolidated into the firm’s financial results.
The company will also be increasing its share of the Cooper Tire & Rubber Co. de Mexico SA de CV. to nearly 100 percent, up from 50 percent. The operation conducts sales and marketing in Mexico and will continue to be fully consolidated. The heightened ownership level is the result of a capital call and conversion of an existing loan into equity.
“We are extremely pleased with the opportunity to increase our ownership at these entities,” says Roy Armes, chairman, CEO and president. “This action aligns with the company’s strategic plans and should allow us to continue investing and growing these important pieces of the Cooper organization.”
For more information, visit www.coopertire.com.
