Cooper Tire & Rubber Company chairman, chief executive officer and president Roy Armes has announced details of a reorganisation of the company’s executive leadership centring on the appointment of a new president – International Operations. The changes take effect immediately.
Cooper has formally announced its plans for a $35.5 million Global Technical Center in Findlay, Ohio, Tire Review reports. Located at the tyre-maker’s headquarters the new tech centre will occupy the same building as the company’s North America Technical Center (NATC). Expected to be operational by the end of the year, the GTC will supplement the tyre-maker’s regional tech centres around the world, including its Asia Technical Center in Kunshan, China, its European Technical Center in Melksham, England, and its NATC, on site.
Members of the Cooper Tire & Rubber Company technology team are gaining assistance with two projects – one focusing on development of a coating for tyre moulds and the other on RFID technology – from the boffins responsible for the US space programme. On 12 June, members of the Cooper Tire & Rubber Company technology team were part of a group that consulted with scientists and engineers from the NASA Glenn Research Center at a meeting at the University of Toledo, and the tyre maker says a second Cooper team will soon travel to NASA Glenn Research Center for a similar consultation with subject matter experts.
Exclusive FIA World Rallycross Championship tyre supplier Cooper Tires is taking a trip to Hell with its ultra-high performance brand ambassador, David Coulthard. The 13-time grand prix winner will attend the Norwegian round of the revived series in Hell, near Trondheim on 14-15 June. Coulthard will attend the event with Cooper, andwhile this occasion will not see Coulthard compete, he did not rule out participation in some form. The series championship has already attracted some big names, including ex-FIA World Rally Champion Petter Solberg, reigning British Touring Car Champion Andrew Jordan and Top Gear USA presenter and X Games star, Tanner Foust.
Cooper Tire executives have confirmed that reports of a fire at the company’s Cooper Chengshan (Shandong)Tire Company Ltd. (CCT) manufacturing plant in Rongcheng, China were correct. As far as the details are concerned, writing in an official statement Cooper Tire officials confirmed that the fire took place on 28 May outside of the factory site proper. According to the company, there were no injuries and “minimal damage to property”.
At the time photographs of the fire were published alongside local Chinese reports, however these provided no details of what damage the fire caused or where it actually took place. Cooper has now explained that “the fire involved a scrap tyre area outside the main manufacturing plant structure”. As a result production was temporarily suspended. It has now returned to normal.
A fire broke out at the Cooper and Chengshan’s Rongcheng factory in Shandong Province, Eastern China on Tuesday 27 May. Several local news sources including the Xinhua news agency have reported the news and photographs showing a large plume of smoke rising about the factory have also been published.
At its Investor Day, held in New York on 15 May, Cooper Tire & Rubber outlined the measures it will implement to support the company’s goal of sustained annual operating profit in the eight to ten per cent range and, over the long term, operating profit above ten per cent plus annual net sales in the vicinity of US$5 billion to $6 billion.
Cooper Tire & Rubber has announced a quarterly dividend of US 10.5 cents per share on common stock, payable 27 June 2014 to stockholders of record at the close of business 2 June 2014. This will mark the 169th consecutive quarterly dividend paid by Cooper Tire & Rubber Company.
On 15 May, Cooper Tire & Rubber will webcast its Investor Day presentation live, starting at 8:30am US EDT (1:30pm BST, 2:30pm CEST). Cooper chairman, chief executive officer and president Roy Armes and chief financial officer Brad Hughes, as well as other members of the company’s executive leadership team, will review business operations, company financials and Cooper’s long-term strategic plan.
As Cooper Tire & Rubber enters its centennial year, the US tyre maker has reported first quarter operating profit slightly below the record result achieved last year. On the back of net sales of US$796 million, 7.5 per cent lower than a year earlier, Cooper achieved a quarter operating profit of $81 million, 16.5 per cent down on the first quarter 2013 operating profit, which was the highest ever in the company’s 100-year history. Operating profit was 10.2 per cent of net sales. The company reported net income attributable to Cooper Tire & Rubber Company of $0.71 per share, or $45 million, in the first quarter. This compares with $56 million, or $0.87 per share, for the same period last year.
Cooper Tire Europe will begin its 2014 motorsport activities over the May bank holiday weekend, as the Cooper Tires British Formula 3 Championship begins at Rockingham Motor Speedway. The single-seater series has produced more graduates to Formula One than any other series.
The FIA World Rallycross Championship 2014 has been launched at the Franciacorta International Circuit in Brescia, Italy. The six permanent two car teams were present at the venue, which is new to the championship, as well as some of the individual Supercar entries, Euro RX and RX Lites competitors, revealing driver line ups and liveries ahead of the opening round in Montalegre, Portugal on 4-5 May. The series, which also announced that it would be televised around the world by 30 different broadcasters, including British Eurosport in the UK, announced that it will be supplied by Cooper tyres earlier in the year.
Cooper Tire will serve as tyre supplier to the Titan Desert mountain bike marathon. The Titan Desert by Garmin 2014 Marathon, to use its full, sponsor-friendly title, begins on 27 April and will see more than 400 participants traversing a 700 kilometre, six-stage course. Cooper Discoverer S/T Maxx tyres will be fitted on 20 support vehicles. This vehicle fleet will cover around 1,000 kilometres of demanding terrain during the mountain bike marathon, from stone tracks and dry river beds to soft sand dunes, in temperatures expected to reach as high as 40°C.
Less than two weeks after releasing overdue third quarter 2013 results that reflected the disruptions experienced at Cooper Chengshan in China – a situation that cost the company US$56 million in negative impact, including $47 million in lower volumes and $9 million in manufacturing inefficiencies – Cooper Tire & Rubber has published its fourth quarter and full year 2013 figures. Sales, operating profit and net profit are all lower than in 2012.
This year marks the debut of the FIA World Rallycross Championship, and Cooper Tire Europe has been appointed exclusive tyre supplier. Under the terms of three-year agreement signed with the ‘FIA World Rallycross Championship presented by Monster Energy’, or World RX for short, Cooper will supply tyres to drivers for all 12 rounds of the 2014 season and also over the coming two years. This year’s championship begins at the Pista Automóvel de Montalegre in Portugal on 3 May.
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