Findlay mayor, union react to possible buyout of Cooper Tire - 13abc.com Toledo (OH) News, Weather and Sports

FINDLAY, Ohio - A company in India is in the process of buying Findlay-based Cooper Tire and Rubber Company, according to a report from The Economic Times.

The paper says India's large tire manufacturer Apollo Tyres is in the process of buying Cooper Tire, citing no names but sources with direct knowledge.

According to that report, the deal to acquire control of Cooper Tire could be in the range of $600-800 million.

Leaders with the local steelworkers union representing the more than 1,000 workers at the Findlay plant call it "awfully strange."

UAW Local 207-L President Rod Nelson says he spoke with the vice president of Cooper Tire Thursday morning and says he denied the report, calling it nothing more than rumors.

"They're denying that there's anything going on. That could be true," says Ron Rettig, Vice President of USW Local 207-L. "We don't know. They're saying they were as surprised as we were when they saw it on the Internet."

The report and resulting rumors are even on the radar of Findlay Mayor Lydia Mihalik across town on Lima Avenue if you take a look in the employee parking lot you can see that Cooper Tire is one of the largest employers in Hancock County.

"We're aware of the situation and we've been following like most people in Findlay and Hancock County and the region," says Mihalik.

Cooper Tire is a global company with operations in 11 countries and headquartered in Findlay.

The company is primarily focused on manufacturing tires for the replacement tire market.

Last month, the company reported its second quarter net sales at more than $1 billion, a 15 percent increase from the same period last year. The company also reported a record quarterly operating profit of $95 million.

"We love the fact that Cooper Tire makes tires in Findlay, Ohio and we hope that would continue. It's obviously a huge employer for us," says Mihalik.

"If they're buying it to get their foothold in the United States we probably don't have anything to worry about, but you don't know," says Rettig.

A spokesperson for Cooper Tire released a statement Thursday saying, "Cooper Tire has a strict policy of not commenting on rumors and speculation in the market."