FINDLAY, Ohio--(BUSINESS WIRE)--Cooper Tire & Rubber Company (NYSE: CTB) today announced it has extended, for a brief period, the option commencement deadline within the agreement that Cooper, Chengshan Group Company Ltd. and the CCT labor union reached in January of this year, which set forth a process to determine the future ownership of Cooper Chengshan (Shandong) Tire Company Ltd (CCT).
“The process to arrive at the long-term ownership of CCT is ongoing,” said Cooper Chairman, Chief Executive Officer and President Roy Armes. “Today was the deadline for the independent valuation firm to deliver its fair market valuation of CCT, which would have put in motion the put and call options specified by the January agreement. Cooper has briefly extended that deadline to allow for some additional work to take place related to the process. We will continue to communicate with investors and others at key points in this process as appropriate,” Armes concluded.
Forward Looking Statements
This release contains what Cooper
believes are “forward-looking statements,” as that term is defined under
the Private Securities Litigation Reform Act of 1995, regarding
expectations or matters that the Company anticipates may happen with
respect to the ultimate outcome of the transactions contemplated by the
January agreement, which involve uncertainty and risk. Such
“forward-looking statements” are generally, though not always, preceded
by words such as “expects,” “will,” “intends” and similar terms that
connote a view to the future and are not merely recitations of
historical fact. Such statements are made solely on the basis of
Cooper’s current views and perceptions of future events, and there can
be no assurance that such statements will prove to be true. It is
possible that actual events may differ materially from those
expectations due to a variety of factors, including but not limited to:
the ability of the independent fair market valuation firm to complete
its valuation; and changes in the Company’s relationship with Chengshan,
including changes resulting from the January agreement. It is not
possible to foresee or identify all such factors. Any forward-looking
statements in this release are based on certain assumptions and analyses
made by Cooper 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. 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. Cooper 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. Further information covering issues that
could materially affect financial performance is contained in Cooper’s
periodic filings with the U. S. Securities and Exchange Commission.
About Cooper Tire & Rubber Company
Cooper Tire & Rubber
Company (NYSE: CTB) is the parent company of a global family of
companies that specialize in the design, manufacture, marketing, and
sales of passenger car and light truck tires. Cooper has joint ventures,
affiliates and subsidiaries that also specialize in medium truck,
motorcycle and racing tires. Cooper's headquarters is in Findlay, Ohio,
with manufacturing, sales, distribution, technical and design facilities
within its family of companies located in 11 countries around the world.
For more information on Cooper, visit www.coopertire.com,
www.facebook.com/coopertire
or www.twitter.com/coopertire.