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.