FINDLAY, Ohio (Dec. 1, 2004) — Cooper Tire & Rubber Co. has reached an agreement with the United Steelworkers of America that will end the injunction on the sale of four Cooper-Standard Automotive plants.
On Sept. 17, Cooper announced an agreement to sell its automotive subsidiary for $1.17 billion to a group formed by the Cypress Group and Goldman Sachs Capital Partners. But the U.S. District Court in Indiana granted an injunction Nov. 2 after the union filed a complaint, arguing it had a right to negotiate new labor agreements with the buyer before the sale of the four unionized facilities.
The agreement announced Dec. 1 will dissolve the injunction as well as dismiss an appeal to the U.S. 7th Circuit Court of Appeals.
“I am pleased that the talks with the Steelworkers have produced an expedited and favorable conclusion,” said Tom Dattilo, Cooper's chairman, CEO and president.
The Findlay-based tire maker did not release specific terms of the agreement.
Cooper expects the deal with Cypress/Goldman Sachs to close before year-end.