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Positive AGM For Cooper

At Cooper Tire’s AGM chairman, president and chief executive officer Thomas A. Dattilo emphasised the successful implementation of the Company’s strategic plan and post-acquisition restructuring. “Investors are recognising our accomplishments and our future opportunities and the improvement in our share price is beginning to reflect that,” he said. Shareholders reelected Edsel D. Dunford and Dennis J. Gormley to new three-year terms as members of the Board and elected John F. Fiedler to his first three-year term as a director.Following the Annual Meeting, the board of directors declared a quarterly cash dividend of 10.5 cents per share on common stock, payable June 28, 2002, to stockholders of record on June 3, 2002.

13th May 2002/by Tyrepress Editors

Shredding Mystery Causes Fall In Cooper Shares

Shares in Cooper Tire & Rubber fell dramatically (by as much as 25 per cent at one stage, although they later recovered to 11 per cent down) after reports that someone in the company had shredded documents relating to a personal injury court case against the company. Cooper denies that executives ordered the documents destroyed and blamed “two, low-level, non-management rogue employees” for the destruction of the documents. The case in question results from a fatal accident in 1998. Cooper denies that the tyre in question suffered from a manufacturing defect.

13th May 2002/by Tyrepress Editors

Precure Treads From Cooper-Avon

Cooper-Avon has launched a range of precure treads as an addition to its remould materials range. The treads were designed in collaboration with Oliver Rubber, which is part of the Commercial Division of Cooper Tire & Rubber, and they will be manufactured by Rekor Rubber, of Turkey. Initially, eleven profiles will be launched, in a total of 59 pattern sizes.

1st May 2002/by Tyrepress Editors

Cooper sales up seven percent

Cooper Tire & Rubber Company has announced, from its headquarters in Findlay, Ohio, a 2002 first quarter net income of $26 million US dollars. Net sales were $813 million US dollars, representing a seven percent increase over the first quarter of 2001.

19th April 2002/by Tyrepress Editors

Pirelli Is On Track

In an interview with Neue Reifenzeitung, Dr. Francesco Gori, who is head of the tyre divisions worldwide, revealed that in 2001, Pirelli achieved almost the same turnover and EBIT figures as it had in 2000. In the future, Pirelli will invest more in passenger car tyres and less in the truck tyre business, but will not sell the Truck Division. Pirelli is successful with truck tyres mainly in southern Europe and Latin America. From July 1st, Pirelli will change the terms of its agreement with its alliance partner Cooper in the USA and will once again resume full responsibility for the Pirelli brand. In Europe, the company is optimising its structure, moving responsibilities increasingly towards its Milan headquarters, to oversee European operations as a single market.

16th April 2002/by Tyrepress Editors

Cooper Earnings Exceed Expectations

The Cooper Tire & Rubber company’s earnings per share for the first quarter of 2002 will be around 35 to 37 cents; significantly more than the previous estimate of 30 cents. This is due to an increase in market share and increased light vehicle production in North America. Full results will be published on April 18.

11th April 2002/by Tyrepress Editors

Cooper And Pirelli Restructure Alliance (Update)

Cooper Tire & Rubber and Pirelli have announced the restructuring of their three-year-old alliance in the US market. The object is to improve the competitive strength of both companies and both agree that, while the alliance had proved generally positive, a new approach would be beneficial in pursuing separate brand strategies. From July 1st, Pirelli will resume responsibility for sales and customer servicing of the Pirelli brand in the USA, while Cooper will continue to manufacture certain sizes of Pirelli tyres for sale in the US, as well as providing logistics support. The two companies will investigate the feasibility of Pirelli manufacturing selected UHP Cooper tyres in the future. It is intended that the transition regarding existing Pirelli dealers will be smooth, ensuring that customer service is not adversely affected. The changes in the alliance are mutually acceptable and both companies continue to regard themselves as partners in technical and other related matters. D. Richard Stephens, President of Cooper Tire, and Francesco Gori, General Manager, Pirelli Tyre Worldwide, issued a joint statement, as follows: “Our companies have learned to know and appreciate each other since the beginning and are looking forward to a new and different phase of our alliance which will benefit customers for both brands.” Under the terms of the original alliance, signed in February 1999, Cooper managed the sales and distribution of tyres in the replacement markets of the USA, Canada and Mexico. Pirelli developed products for the US market and strengthened brand awareness via participation in motorsports.

8th April 2002/by Tyrepress Editors

Oil Sheikhs Make The Americans Worry

Shares at Goodyear and Cooper are falling. At Goodyear especially, internal factors are not being helped by rising oil prices, which increase costs and affect the spending power of consumers. This has led to weaker-than-expected demand for new cars. Wall Street analysts, such as Deutsche Bank Research, are warning of possible inflationary pressure, but they do not want to sound too pessimistic.

5th April 2002/by Tyrepress Editors

Alliance Between Cooper And Pirelli To Be Restructured

The three-year-old alliance between Cooper and Pirelli is to be restructured to improve competitiveness. Pirelli has said that it will resume responsibility for sales and service of the Pirelli brand in the US. Cooper will continue to manufacture selected Pirelli products in the US. The original agreement in February 1999 was for Cooper to manage the distribution and sales of passenger and light truck tyres in the replacement markets of the US, Canada and Mexico.

5th April 2002/by Tyrepress Editors

Cooper Predict Greater Than Expected Earnings

Cooper Tire & Rubber Company expects its earnings for the quarter ending 31st March, to be at least 50 percent higher than initially announced. This is directly due to the exceptional success of sales so far this year.

18th March 2002/by Tyrepress Editors

Production Of MIRS Tyres In Höchst, Germany Going According To Plan

Pirelli’s German MIRS factory is now producing OE tyres for the Mini-Cooper car in size 205/45 17 Eufori@. Production is running with three lines and two others are being built, which will be producing tyres at the end of the year. Ultimately, in late 2004 or early 2005, there will be 13 lines producing 1.5 million high performance tyres a year, mainly for OE. At present, there are 50 people working in the MIRS factory and this will eventually rise to 250, including service staff. Total costs will be more than 100 million Euro and possibly as high as 120 million; Pirelli will not reveal the exact figure. MIRS makes it relatively easy for Pirelli to grow steadily in certain markets over a period of time, and this is the main advantage of the process, as it is not necessarily cheaper than the conventional production of UHP tyres. The first MIRS factory in Milan is a prototype plant, which develops and creates opportunities for new products. As well as Höchst, there is a MIRS factory at Burton-on-Trent, UK, which is not as large, and another MIRS plant at Rome, Georgia, USA is under construction. The plan to build a MIRS factory in Latin America has been abandoned, but Pirelli could build a plant in Japan, although no specific plans for a production base in Japan for OE business have been revealed.

18th March 2002/by Tyrepress Editors

Different Opinions From Analysts Regarding Goodyear Shares

Following a conference given by Goodyear boss Sam Gibara in New York, there was a difference of opinion among analysts. While Deutsche Bank recommended Goodyear shares now as a buy – the bank also recommends Michelin, Continental and Cooper as buys because it foresees improvements for the whole industry. On the one hand there have been price increases to the dealers while, on the other hand oil prices were 15% cheaper than last year. Analysts from UBS Warburg however see Goodyear shares as a “hold”. The turnaround plans presented by Goodyear are clear and the analysts believe that these can be achieved. On the other hand they refer to the fact that the Goodyear management has made many promises in the past that they could not fulfil. Therefore from their point of view the message is ‘wait and see’. They say that the fair price for Goodyear shares at the moment is 25 US-$; at the stock exchange the shares are worth 24.50 US-$.

13th February 2002/by Tyrepress Editors

Good Fourth Quarter For Cooper

Cooper Tire and Rubber Company reported fourth quarter Net Income of 16 million dollars, or 22 cents per share, on a revenue of 777 million dollars. This compares to a revenue of 820 million or 9 cents per share for the fourth quarter of 2000. However, excluding charges for restructuring earnings per share for the quarter were 25 cents for 2001 (37 cents for 2000). Net Income for the year totalled 69 million dollars (excluding settlement of class-action suits and non-recurring costs) on 3.2 billion dollars of sales. This compared to a Net Income for 2000 of 129 million dollars.

8th February 2002/by Tyrepress Editors

Minis For US Market On Goodyear Run-Flats

The new Mini Cooper and Mini Cooper S cars, now made by BMW, are due to arrive on the US market in March. The cars will be fitted with Goodyear NCT 5 EMT run-flat tyres, manufactured in Fulda, Germany. The tyre size is 195/55 VR15.

30th January 2002/by Tyrepress Editors

“Cobra” Set For European Launch

Cooper-Avon Tyres is to manufacture the Cooper Cobra VHP at its factory in Melksham. The tyre has been specially designed for European motoring and comes in H and V speed ratings, in 17 sizes and aspect ratios from 45 to 70 series. The Cobra VHP is the third Cooper brand tyre to be made at Melksham, joining the Sportmaster GLE and Discoverer Sport HP.

30th November 2001/by Tyrepress Editors