FINDLAY, Ohio — Cooper Tire & Rubber Co. has completed the deal making its tire production venture in Mexico, Corporación de Occidente S.A. de C.V., a wholly owned subsidiary.
Cooper raised its stake in Corp. de Occidente to 100% from 58% by buying the 42% stake held by its minority partner, Trabajadores Democraticos de Occidente S.C. de R.L. de C.V. (Tradoc). Financial terms were not disclosed.
Cooper President and CEO Brad Hughes said the deal is "part of our strategic plan to optimize Cooper's global manufacturing footprint with cost-competitive production of quality tires in key geographies. We are excited to continue working with the team in Mexico as we look forward to enhancing the facility's global competitiveness in the tire industry."
Cooper and Tradoc set up the joint venture in El Salto near Guadalajara in 2008.
The venture's plant — originally a Continental A.G. factory that Conti closed in 2001 — is rated at 19,000 tires a day with roughly 1,100 employees. A group of Mexican investors bought the facility from the German company and restarted production in mid-2005 using the Pneustone brand.
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