FINDLAY, Ohio (July 26, 2002) – Cooper Tire & Rubber Co. has purchased certain retread-related assets of Teknor Apex Co. and will integrate them into its existing Oliver Retreading Systems and Products business unit.
The acquisition does not include any facilities or equipment. Terms of the deal were not released and Cooper declined to comment on the size of the business being acquired.
“This acquisition will enhance the reach of our tread rubber network,” said Larry Enders, president of Cooper's Commercial Products Division, in a prepared statement. “We believe independent commercial service dealers need and want a competitive alternative to the franchises and packaged pricing programs. Our Oliver and Mega Mile precure products fill that need.”
Last year Cooper expanded its retreading business by taking over the tread rubber activities of Hercules Tire & Rubber Co. Cooper got into the retreading business in 1999 with its acquisition of Standard-Products Corp.
Shipments to Teknor Apex dealers will begin immediately, Cooper said. A handful of Teknor Apex field sales staff will join Cooper in the deal.
Teknor Apex was founded in 1924 as a tire distributor and retreader, and has continued to service retreaders with tread rubber ever since. The company's portfolio of products includes die size, strip stock, precured treads and repair materials, according to the firm's Web site.
The deal does not include Teknor Apex's distribution agreement for the Orbitread strip-winding tread building equipment.