Cooper Tire and Sailun Vietnam Celebrate First Tire at Joint Venture Plant
FINDLAY, Ohio--(BUSINESS WIRE)--Nov 26, 2019--
Cooper Tire & Rubber Company (NYSE: CTB) and Sailun Vietnam Co., Ltd. recently celebrated production of a first tire at ACTR, their new joint venture (JV) facility located near Ho Chi Minh City, Vietnam. Cooper owns 35 percent of ACTR, which will produce truck and bus radial (TBR) tires for global markets. The ceremonial first tire was the centerpiece of a special event held at the facility on Nov. 18 to celebrate construction of the plant.
The plant is expected to be operational and producing tires on a commercial level by early 2020. At full capacity, production is expected to be approximately 2 million tires annually.
“Cooperation between Cooper and Sailun has been outstanding, and we thank our partner Sailun for working so closely with us over the past several months to construct this facility,” said Brad Hughes, Cooper President & Chief Executive Officer. “This is another important step in Cooper’s strategy to expand and diversify our TBR production globally, giving us additional capacity to supply quality Roadmaster TBR tires to customers worldwide.”
Zhongxue Yuan, Chairman & President of Sailun Group Co. Ltd., said, “ACTR is a highly modern tire production facility with the latest technologies to drive quality and efficiency. We thank Cooper and all of those involved in the construction of the facility for their excellent support and cooperation. We look forward to many years of successful operation together with Cooper at ACTR.”
This release contains what the company believes are “forward-looking statements,” as that term is defined under the Private Securities Litigation Reform Act of 1995, regarding projections, expectations or matters the company anticipates may happen with respect to the future performance of the industries in which it operates, the economies of the U.S. and other countries, or the performance of the company itself, which involve uncertainty and risk. Such forward-looking statements are generally, though not always, preceded by words such as “anticipates,” “expects,” “will,” “should,” “believes,” “projects,” “intends,” “plans,” “estimates,” and similar terms that connote a view to the future and are not merely recitations of historical fact. Such statements are made solely on the basis of the company’s current views and perceptions of future events, and there can be no assurance that such statements will prove to be true.
It is possible that actual results may differ materially from projections or expectations due to a variety of factors, including, but not limited to:
It is not possible to foresee or identify all such factors. Any forward-looking statements in this release are based on certain assumptions and analyses made by the company in light of its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Prospective investors are cautioned that any such statements are not a guarantee of future performance and actual results or developments may differ materially from those projected.
The company makes no commitment to update any forward-looking statement included herein or to disclose any facts, events or circumstances that may affect the accuracy of any forward-looking statement. Further information covering issues that could materially affect financial performance is contained in the company’s filings with the U.S. Securities and Exchange Commission (“SEC”).
About Cooper Tire & Rubber Company
Cooper Tire & Rubber Company (NYSE: CTB) is the parent company of a global family of companies that specializes in the design, manufacture, marketing and sale of passenger car, light truck, medium truck, motorcycle and racing tires. Cooper’s headquarters is in Findlay, Ohio, with manufacturing, sales, distribution, technical and design operations within its family of companies located in more than one dozen countries around the world. For more information on Cooper, visit www.coopertire.com, www.facebook.com/coopertire or www.twitter.com/coopertire.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191126005779/en/
KEYWORD: OHIO UNITED STATES VIET NAM NORTH AMERICA ASIA PACIFIC
INDUSTRY KEYWORD: AUTOMOTIVE MANUFACTURING AFTERMARKET AUTOMOTIVE MANUFACTURING OTHER TRANSPORT PUBLIC TRANSPORT TRUCKING TRANSPORT OTHER AUTOMOTIVE GENERAL AUTOMOTIVE TIRES & RUBBER
SOURCE: Cooper Tire & Rubber Company
Copyright Business Wire 2019.
PUB: 11/26/2019 02:45 PM/DISC: 11/26/2019 02:45 PM