India's largest tire company announced Wednesday their acquisition of Findlay-based Cooper Tire & Rubber Company, creating the seventh largest tire company in the world.
According to a press release, Apollo Tyres Ltd. will acquire Cooper in an all-cash transaction valued around $2.5 billion. Both companies boast a $6.6 billion combined sales revenue in 2012 and will have a strong presence in markets across four continents.
â??This is a compelling transaction that is in the best interest of Cooperâ??s stockholders and offers attractive benefits to our customers and employees," said Roy Armes, Cooper Tire's chairman. "We have watched Apolloâ??s successful transformation into a major global tire group, and have a great deal of respect for the company and its leadership. Together, our two organizations have almost no geographic overlap and significant opportunities for growth."
The transaction is expected to close within the second half of 2013, according to the release. Apollo says Cooper will continue to be led by members of its current management team and will continue to operate out of its facilities located around the world.
There was no specific mention of the future of the Cooper Tire base in Findlay, Ohio.