Findlay residents react to Cooper Tire foreign buyout
Wed, 12 Jun 2013 22:34:03 GMT —
In a joint-company press release between Gurgaon, India based Apollo Tyre and Findlay based Cooper Tire and Rubber Co., the eventual merger of the two companies is called definitive.
The all-cash deal is valued at about $2.5 billion. When combined, the deal will make for the seventh largest tire company on the planet.
Both companies have denied talk of a merger for months, but locals say they always suspected something was going to change.
"Some of us have always thought in the back of our minds that they're saying there's nothing to it, but there's something coming down the road," lifetime Findlay resident Randy Bovee said.
The statement says the company will maintain the current workforce, honor union agreements, and keep the same compensation and benefits for non-union employees.
The two companies are reported to have almost no geographical overlap.
Pending all approvals, the deal is expected to be finalized before the end of 2013.