Cooper Tire recently announced that it will increase its shareholding in the Mexican branch.
Cooper plans to increase its shareholding in Corporacion de Occidente SA de CV from 38% to 58%. From 2011, Occidente's financials will be incorporated into Cooper.
Cooper also plans to increase its shareholding in Cooper Mexico Tire & Rubber Co. from the current 50% to 100%. Cooper Mexico Tire & Rubber Company is engaged in the tire marketing business. Cooper Tire achieved 100% control over Cooper's Mexican tire rubber company by converting debt into equity.
Roy Armes, President, CEO and President of Cooper, stated: “We are very pleased to increase our company’s share in Mexico. We will continue to invest in Mexico and continue to expand Cooper’s market share in Mexico.â€
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