Cooper Tire resolves Chinese plant dispute
The agreement will see either Cooper or Chengshan take full control of the JV following an independent valuation of the business.
Cooper Tire and Rubber has agreed to resolve its ownership dispute with Chengshan Group over their Chinese joint venture (JV), CCT, according to a Wall Street Journal report. Cooper owns 65% and Chengshan 35% of the JV. Last year, a factory strike at the CCT plant contributed to derailing Cooper's sale to Apollo Tyres. Events after the strike included management revoking Cooper's access to the factory's financial records and Chengshan demanding as much as USD400 million to be bought out of its minority stake, the report says.
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