Cooper Tire (CTB) Closes Serbian Facility Acquisition, Reaches Tentative Agreement on Steelworker Contract
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Cooper Tire & Rubber (NYSE: CTB) issued a release saying it has completed the acquisition of a tire-making facility in Kruševac, Serbia.
The Serbian government, the Kruševac community and our future employees are very excited about the opening of Cooper Tire Serbia and the economic benefit it will bring to the area," said Hal Miller, President of Cooper's International Tire Segment. “In serving the world's fastest growing markets as well as the world's largest market, we have expanded our global footprint and ability to respond to evolving demands and customer needs. This acquisition strengthens our presence in Europe and decidedly complements our existing worldwide operations.”
Another release also said the Cooper and United Steelworkers Local 752L reached a tentative agreement on a new four-year labor contract shortly before the current contract was scheduled to expire. Details of the agreement are being held pending presentation to the Union's membership. The proposal will be presented to Union members for ratification next week.
In a joint statement, the Union and the Company expressed their appreciation for the professionalism, hard work, and support of those participating in the negotiations as well as the workforce who put their trust in their representatives to reach a timely agreement.
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The Serbian government, the Kruševac community and our future employees are very excited about the opening of Cooper Tire Serbia and the economic benefit it will bring to the area," said Hal Miller, President of Cooper's International Tire Segment. “In serving the world's fastest growing markets as well as the world's largest market, we have expanded our global footprint and ability to respond to evolving demands and customer needs. This acquisition strengthens our presence in Europe and decidedly complements our existing worldwide operations.”
Another release also said the Cooper and United Steelworkers Local 752L reached a tentative agreement on a new four-year labor contract shortly before the current contract was scheduled to expire. Details of the agreement are being held pending presentation to the Union's membership. The proposal will be presented to Union members for ratification next week.
In a joint statement, the Union and the Company expressed their appreciation for the professionalism, hard work, and support of those participating in the negotiations as well as the workforce who put their trust in their representatives to reach a timely agreement.
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