Skip to comments.India's Apollo Tyres to buy Cooper Tire for $2.5 billion
Posted on 06/12/2013 9:53:55 AM PDT by Jyotishi
India's Apollo Tyres Ltd (APLO.NS) agreed to buy U.S.-based Cooper Tire & Rubber Co (CTB.N) for about $2.5 billion in a deal that would make it the world's seventh-largest tire maker and reduce its dependence on a slowing Indian auto market.
Apollo, which currently gets two-thirds of its revenue from India, will pay $35 per share, representing a premium of about 43 percent to Cooper's Tuesday close.
The acquisition of Cooper, the world's 11th biggest tire company with annual sales of $4.2 billion, will give Apollo access to the U.S. market for replacement tires for cars and light and medium trucks.
The deal is the latest in a string of big overseas acquisitions by Indian companies in recent years, including Tata Motors Ltd's (TAMO.NS) $2.3 billion purchase of Jaguar Land Rover and mobile operator Bharti Airtel Ltd's (BRTI.NS) $9 billion takeover of the African operations of Kuwait's Zain.
(Excerpt) Read more at reuters.com ...
I believe that Cooper was the last US owned tire maker.
Remember Kelly Springfields. both cooper and kelly made a fine t’ar in their day.
Cooper CS4’s on my car.
I take this to mean the quality will be abominable soon.
***I take this to mean the quality will be abominable soon.***
Could not be worse than the 1975 production of US made FIRESTONE tires. I bought a truck with five new ones. They each self destructed as each one reached about 5000 miles.
Each time I was in the middle of nowhere.
Last Tractor tires we bought about a month ago were made in Israel.
KS was owned by Goodyear since 1935.
You really ARE an old timer....
Well, that would make for an interesting night!
Hey....more call center business....Indian owned....crap products
I worked at a local old DX gas station, they sold lots of tires,, I was barely a teen.. my brother was the mechanic there.. the fellow that ran it was oft pied eyed by 7 .. am.. not pm.. it beat pickin’ rocks.. I did that to earn my first dirt bike.. and last. (
Absolutely! My family hales from Louis Brandeis...doesn’t get much more Kosher than that~ and no...I do not support the University~ no way, no how!
Mahindra Tractors, the farm equipment division of Mahindra & Mahindra, builds and sources tractors that are sold worldwide across six continents. Mahindra is also among the top three tractor manufacturers in the world. Mahindra has a huge consumer base in India, China and America and a growing base in Australia. The company builds more tractors in India than any other manufacturer, and has the capacity to build 150,000 tractors a year. In 1963, M&M formed a joint venture with International Harvester to manufacture tractors carrying the Mahindra nameplate for the Indian market. Armed with engineering, tooling and manufacturing know-how gained from this relationship, M&M developed its first tractor, the B-275. Mahindra Tractors with sales of nearly 85,000 units annually is one of the largest tractor companies in the world, and is number one in sales in India - the largest tractor market in the world