Cooper Tire Announces Intent to Buy Hercules Retreading Assets

Cooper Tire & Rubber Co. announced the intention, as of June 30, 2001, to purchase certain manufacturing assets used in Hercules’ retread operation and will soon begin to supply retread products to customers formerly served by Hercules. This purchase will significantly increase sales in the Oliver Retreading Systems and Products unit, which is a part of Cooper’s new commercial division.

Also included in this sale are certain assets of the Cedco equipment division, which will benefit Oliver’s Salisbury equipment operation. The final price is subject to certain valuations at closing but will not exceed $8.5 million.