FINDLAY, Ohio (Oct. 19, 2000)—On the heels of announcements that its third-quarter profit slid 32 percent, Cooper Tire & Rubber Co. said it will eliminate 1,100 jobs—or 4.3 percent of its work force—and close or reduce operations at 18 of its non-tire plants around the world.
The cost-cutting moves, aimed at compensating for high raw material costs, include restructuring and job cuts at plants in Luzerne and Mio, Mich.; Rocky Mount, N.C.; and an Oliver Rubber Co. tread rubber facility in Dallas.
The company did not immediately identify which plants it will shutter. Cooper estimated total cost savings from the plan at about $30 million, with another $25 million anticipated from the sale of facilities and assets.