Cooper Finalizes Sale of Plastics Unit.Business Editors, Automotive Writers FINDLAY, Ohio--(BUSINESS WIRE)--July 7, 2000 COOPER TIRE & RUBBER COMPANY (NYSE NYSE See: New York Stock Exchange :CTB CTB Council Tax Benefit (UK) CTB Coopération Technique Belge (French: Belgian Technical Cooperation) CTB Commonwealth Transportation Board (Virginia Department of Transportation) ) has announced the completion of the sale of its Holm Industries, Inc. subsidiary to an affiliate of Madison Capital Partners, a Chicago-based investment firm with holdings in plastics and capital equipment. The sale closed on June 30, 2000. The cash consideration for the business totaled approximately $100 million. Holm Industries was the largest business unit in Cooper's Plastics Division, which Cooper previously had announced would be sold. Holm is a leading producer of extruded plastic sealing products for the appliance and construction industries. Through its OEM/Miller unit, which was included in the deal, Holm is also a leading producer of corrugated plastic Corrugated plastic, also known under the tradenames of Coroplast, Correx, Corriflute or Twinplast, refers to a wide range of extruded twinwall plastic sheet products produced from high impact polypropylene resin with a similar make up to corrugated fiberboard. tubing for the appliance and automotive industries Automotive Industries, Ltd. (Hebrew: תעשיות רכב נצרת עלית, תע"ר . Cooper will continue its efforts to sell the remaining portion of its Plastics Division, which now includes only its extruded plastic trim operations. Company Description Cooper Tire & Rubber Company is headquartered in Findlay, Ohio Findlay is a city in the U.S. state of Ohio and the county seat of Hancock CountyGR6. The municipality is located in northwestern Ohio approximately 50 miles (80 km) south of Toledo. The population was 38,967 at the 2000 census. and specializes in the manufacture and marketing of automotive products. Products for Cooper's tire group include automotive, motorcycle and truck tires, inner tubes, tread rubber and equipment. In the automotive group, Cooper is an original equipment supplier of sealing, trim, NVH NVH Noise, Vibration and Harshness NVH Nahverkehr Hohenlohekreis (German) NVH Noise Vibration and Harshness control systems and fluid handling systems for the automotive industry in North America, Europe, Australia and South America. Cooper has more than 23,000 employees and 63 manufacturing facilities in 13 countries. For more information, visit the Company's web site at: www.coopertire.com. |
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