Cooper Tire & Rubber Company to Sell Portion of Automotive Plastics Division.Business Editors FINDLAY, Ohio--(BUSINESS WIRE)--April 24, 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) ) today announced that it has reached a definitive agreement to sell a portion of its automotive plastics division to Plastech Engineered Products Plastech Engineered Products is a tier-1 automobile supplier headquartered in Dearborn, Michigan. It is the largest women owned company in the state of Michigan. [1] , Inc. (Plastech) for an undisclosed sum to be paid in cash. The agreement covers the sale of Cooper's entire painted injection molded plastics business all of which is conducted at its Winnsboro, South Carolina Winnsboro is a town in Fairfield County, South Carolina, United States. The population was 3,599 at the 2000 census. It is the county seat of Fairfield CountyGR6. plant. Under the terms of the agreement, the plant and equipment, related inventories and certain other assets will be acquired by Plastech, which will assume the contracts between the business and its customers and certain specified liabilities. The transaction is expected to close on Friday, April 28, 2000. Commenting on the sale, Thomas A. Dattilo, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , said, "This is the first action to be taken as a result of our review of strategic options for our plastics division. We have some very good people in this plant and wish Plastech continued success as they integrate it into their operations. We are also proceeding with the sale of our extruded plastics business and our non-automotive plastics operations. We have received considerable interest in both and expect further announcements during the second quarter." Company Description Cooper Tire & Rubber Company is headquartered in Findlay, Ohio 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. Other products for this group include rubber and plastic sealing components for the refrigeration refrigeration, process for drawing heat from substances to lower their temperature, often for purposes of preservation. Refrigeration in its modern, portable form also depends on insulating materials that are thin yet effective. industry in North America. Cooper has more than 25,000 employees and 77 manufacturing facilities in twelve countries. For more information, visit the Company's web site at: www.coopertire.com. Forward-Looking Statements This report contains "forward-looking statements," as that term is defined under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, regarding expectations for the future divestitures of the remainder of our plastics division. It is possible the Company's progress in selling its plastics division may not result in further announcements during the second quarter or thereafter. |
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