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4-Traders Homepage  >  Equities  >  Nyse  >  Cooper Tire & Rubber Co    CTB

Delayed Quote. Delayed  - 05/02 10:02:01 pm
34.29 USD   -0.72%
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Cooper Tire & Rubber Company : - Cooper Tire, USW Reached Tentative Agreement in Findlay

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02/24/2012 | 10:25pm CEST

FINDLAY, OHIO, FEBRUARY 24, 2012 - COOPER TIRE & RUBBER COMPANY (NYSE: CTB) and United Steelworkers (USW) Local 207L reached a tentative agreement on a new five-year labor contract almost four months after the previous contract had expired. Details of the agreement are being held pending presentation to the union's membership. The proposal will be presented to union members for ratification on Saturday, February 25, with a vote scheduled for Monday, February 27.

Cooper's USW-represented employees in Findlay were locked out on November 28, 2011, after the first tentative agreement was rejected. However, both Cooper and the union leadership feel the new tentative agreement reached today addresses many of the concerns expressed by the membership and allows Cooper to attain the productivity it requires to remain competitive in North America.

"The Findlay plant and its members have been a critical component of Cooper's success throughout the years as well as a key contributor to the Findlay community," said Jack Hamilton, Findlay Plant Manager. "Our main objective during this negotiation was to attain a long-term agreement that better positioned the Findlay plant to succeed in a global competitive environment. We are happy to have reached an agreement that will bring our co-workers back to work with a competitive compensation and benefits package while also solidifying Cooper's ability to profitably grow our business in the North American market."

Rod Nelson, President of USW Local 207L, added, "Our members wanted a fair contract, and we want this plant to be the best in the Company. Through some difficult negotiations, we were able to tackle several key issues our people had with the previous tentative agreement and help the Company reach its productivity goals. We are proud to work for Cooper and look forward to contributing to its future."

Details of when the Findlay plant employees will return to work will be released upon ratification of the tentative agreement.

About Cooper Tire & Rubber Company
Cooper Tire & Rubber Company (Cooper) is the parent company of a global family of companies that specialize in the design, manufacture, marketing, and sales of passenger car and light truck tires. Cooper has joint ventures, affiliates and subsidiaries that also specialize in medium truck, motorcycle and racing tires. Cooper's headquarters is in Findlay, Ohio, with manufacturing, sales, distribution, technical and design facilities within its family of companies, located in 11 countries around the world. For more information on Cooper, visit www.coopertire.com, www.facebook.com/coopertire, www.twitter.com/coopertire.

Company Contact: Michelle Zeisloft, (419)423-1321

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