FINDLAY, Ohio (Jan. 25, 2006) — Cooper Tire & Rubber Co. has completed its $70 million acquisition of 51 percent of Cooper Chengshan (Shandong) Passenger Tire Co. Ltd. and Cooper Chengshan (Shandong) Tire Co. Ltd.
Cooper announced the deal to buy a majority interest in China's third largest tire maker in October. The ownership change will be effective Feb. 4. The purchase also includes 25-percent ownership in a steel cord factory adjacent to the tire plant in Rongchen City, Shandong, China.
The Chinese tire company, formerly named Shandong Chengshan Tire Co. Ltd., has estimated 2005 sales of $500 million, Cooper said. The company will continue to make passenger and light truck radials as well as radial and bias commercial tires for the replacement, original equipment and export markets.