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Cooper reports record operating profit of US$130 million

Cooper Tire & Rubber Company has reported record net sales and operating profits in its third quarter 2012 financial results. According to the company, sales of US$1.1 billion (up 4 per cent) were a record. The company also reported record operating profit of $130 million, $82 million higher than in third quarter 2011 results and representing 11.8 per cent of net sales. Net income was also a significant improvement on last year’s $17 million, with the company posting a third quarter record of $74 million or $1.17 per share on a diluted basis.

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Kings Road Tyres’ multi-brand strength on show

Long-time supporter of the Brityrex show, Kings Road Tyres had one of the exhibition’s more imposing stands, located next to the entrance, while associated brands, Uniroyal, for which it has the UK licence, Aeolus and Antyre – Chinese brands for which the wholesale part of KRT is the exclusive distributor in the UK – were present with stands of their own. Added to the “multi-brand presence” promised by Purchasing and Marketing manager, Tim Bader on the company’s own stand, featuring “the latest from Matador, Taurus, Cooper 4×4 and Aeolus Truck Tyres,” the company represented its truck, bus, agricultural, industrial and 4×4 ranges strongly.

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Kortokrax named Cooper manufacturing VP

Phil Kortokrax has been appointed vice president of manufacturing for North American tyre operations at Cooper Tire. Kortokrax joined Cooper more than 20 years ago, beginning in Information Technology and moving into manufacturing leadership roles at the company's Findlay plant. In 2000, he returned to Cooper corporate offices as manager, and then director, of internal auditing. Five years later, Kortokrax became general manager of Max-Trac Tyre Co. Inc. (Mickey Thompson), a subsidiary of Cooper. In 2008, he returned once again to Cooper's corporate offices as VP of dealer channel sales.

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Cooper appoints marketing VP

Cooper Tire has appointed Michael Simon to the post of Vice President – Strategic Marketing and Planning, North America Tire Operations. With a career in the automotive sector that spans nearly three decades, Simon spent 20 years with Goodyear, starting as a new college graduate in 1985, and through a number of increasingly responsible positions. Following Goodyear, Simon joined Eaton Corp. as Director of Sales, Performance Products and Aftermarket Division, where he focused on the $2 billion Automotive Group's non-traditional growth segments.

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Acquisition report pushes Cooper shares upwards

Shares in NYSE listed tyre maker Cooper Tire & Rubber Co. gained seven per cent yesterday following the publication of news regarding a potential acquisition by India’s Apollo Tyres. Neither Cooper Tire nor Apollo Tyres has commented on the acquisition reports.

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Apollo buying Cooper Tire, report sources

Indian financial daily The Economic Times states that Apollo Tyres is “in the process” of acquiring Cooper Tire & Rubber Company. The publication’s 11 October news is based on “sources with direct knowledge” of the deal; these sources indicated to The Economic Times that the acquisition could be valued at between US$600 and $800 million and give Apollo a majority share. When Tyres & Accessories contacted Apollo Tyres directly in relation to the news, the tyre maker’s Corporate Brands & Relations manager Rohit Sharan said Apollo “would not comment on market speculation.”

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Harvey first home winner of Cooper Tires British Formula 3 since ‘06

At 2012’s final meeting, Lincolnshire’s Jack Harvey became the first British winner of the Cooper Tires British Formula 3 Championship since Mike Conway in 2006. Harvey took two victories from pole at Donington Park’s season finale. The Carlin racing driver arrived at the Derby venue on the back foot after a disappointing weekend at Silverstone in early September, when he picked up three penalties. Entering the final rounds of the championship, Harvey trailed team-mate and erstwhile championship leader, Jazeman Jaafar, by six points.

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Cooper expands US sport sponsorship involvement

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The college football season is getting underway in the US and Cooper Tire & Rubber has announced a number of sponsorship agreements. The tyre maker will soon commence is sixth year as exclusive tyre sponsor of the ABC College Football Halftime Show and it has inked new agreements with select colleges in the Big Ten, SEC and ACC conferences; these deals are expected to connect the Cooper brand with fans on a local market basis.

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Redundancies at Cooper’s Melksham plant confirmed

Cooper Tire & Rubber Europe Ltd says “difficult market conditions in Europe” are behind the recently-announced redundancies at its Melksham site. The tyre maker has confirmed some 50 redundancies in the plant’s manufacturing operations area.

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Schumaker named new Cooper Tire Europe sales and marketing director

Cooper Tire & Rubber Company Europe Ltd. has appointed Jeff Schumaker as sales and marketing director. Schumaker will be based in Melksham, UK, and will report to Cooper Tire Europe vice president and general manager Julian Baldwin.

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Cooper launches mobile site

A large proportion of tyre buyers now begin their pre-purchase research with a browse online, and when doing so they increasingly use phones and other mobile devices rather than the trusty desktop computer. Recognising these two changes in consumer behaviour, Cooper Tire & Rubber has launched a mobile-optimised version of its website. The new site is currently only accessible by users in the US – by entering the usual coopertire.com address into the browser – and it offers advice on service, replacement tyres, retail locations and safety information.

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Cooper achieves $2.04bn 1H sales

Cooper Tire & Rubber Co. reported net income of $86.6 million for the first half of 2012, against total sales of $2.04 billion for the period, Tire Review reports. The first half sales were up compared to $1.82 billion for the same period in 2011, and net income surpassed last year’s $32.9 million.

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Cooper announces dividend

On 8 August Cooper Tire & Rubber announced a quarterly dividend of 10.5 cents per share on common stock, payable 28 September 2012 to stockholders of record at the close of business 4 September 2012. This will mark the 162nd consecutive quarterly dividend the company has paid.

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Roadmaster offering SmartWay tyres for all wheel positions

Cooper Tire & Rubber reports it can now offer SmartWay approved Roadmaster truck tyres for all wheel positions following the verification of a number of fitments, including the Roadmaster RM180 steer tyre, RM871 trailer tyre, and most recently, the RM851 drive tyre. The SmartWay programme, run by the United States Environmental Protection Agency, aims to promote low rolling resistance, and only tyres that meet set criteria can be SmartWay certified.

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Bridgestone chooses Arizona site for guayule farm, research centre

A location has been found for the US-based guayule research farm and process research centre that Bridgestone Corporation intends to set up. A 281-acre site in Eloy, Arizona has been acquired for guayule farming activities, and Bridgestone Corporation will establish a process research centre in nearby Mesa, Arizona together with Bridgestone Americas Tire Operations.

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