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Cooper's China JV to resume financial reporting

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FINDLAY, Ohio (Jan. 14, 2014) — Cooper Tire & Rubber Co. is still unable to "resume regular financial reporting" but said its Cooper Chengshan (Shandong) Tire (CCT) joint venture in Rongcheng, China, has notified Cooper that it intends to start "entering past and current financial and operational data into company computer systems bringing its financial records."

Cooper notified the Securities and Exchange Commission in mid-November that it would be unable to file its third quarter 10-Q report on time because it has not been able to obtain "certain business and financial" information from CCT, which had started withholding the information as part of its protest of Cooper's decision to merge with India's Apollo Tyres Ltd.

Now that CCT has indicated it will restore regular financial reporting, Cooper "will monitor the data entry to assure that it is taking place properly and that it will continue without interruption.

While this represents a positive step toward Cooper restoring regular financial reporting, the company said it continues to work with the labor union and joint venture partner to resolve open issues on a long-term basis.

"Therefore, at this time, it is premature for Cooper to determine when it will resume regular financial reporting," the tire maker said.

Findlay-based Cooper reported Jan. 10 that CCT had begun taking steps to resume production of Cooper-brand tires at the Rongcheng plant.

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TB Reader Poll

Previous | Published January 28, 2016

Titan International and the United Steelworkers union have petitioned the U.S. International Trade Commission and U.S. Department of Commerce seeking relief from OTR tire imports from China, India and Sri Lanka. What’s your opinion?

I wholeheartedly support their action – something needs to be done.
46%
(36 votes)
I think it’s a bad idea that could inevitably tie the hands of domestic tire makers.
13%
(10 votes)
I oppose any duties against tire importers—they only raise costs for distributors and make it harder to obtain inventory.
24%
(19 votes)
I’m kind of on the fence and not sure what’s right, but need more information before deciding.
14%
(11 votes)
I don’t really care whether or not relief is granted.
3%
(2 votes)
Total votes: 78