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Cooper Tire & Rubber outlines strategic plan at Investor Day

Tuesday, May 15, 2018
New York, NY - At its Investor Day in New York, Cooper Tire & Rubber Company outlined strategies for continued shareholder value creation. Management detailed plans to support five-year mid-term targets for operating profit of 10 percent to 14 percent, as well as annual unit volume growth in the low- to mid-single digits and return on invested capital of 14 percent to 16 percent. “Three themes, the increased influence of consumers, underlying trends in the auto industry and consolidation in distribution, are driving changes in the tire business, and Cooper is well positioned to benefit from them,” said Brad Hughes, president and chief executive officer. “Our brand strength and attractive value proposition represent a solid foundation to build on with consumers, which is important as we move into additional growth channels. Cooper’s emerging OE business will drive enhanced product technology and keep us current with emerging trends such as electric and autonomous vehicles that we believe will be positive for the replacement tire market going forward. Finally, recent consolidation in distribution within the industry has created disruption and is pressuring long-standing relationships. Disruption creates opportunities, and Cooper is taking immediate action to benefit.” Cooper is implementing strategic initiatives to leverage its strong position with consumers, who have increased knowledge and power in the tire business. The company is enhancing its focus on fast-growing premium product lines, accelerating the cadence of new product introductions, such as its upcoming AT3 tire line, and enhancing consumer involvement in product development and testing. At the same time, Cooper is also focused on maximizing its core positions in the independent dealer and national and regional retail channels by enhancing distributor programs and strengthening partnerships. In addition, Cooper is focused on increasing its presence in the fastest-growing sales channels, including mass merchandisers, auto dealers and e-commerce. In Asia, Cooper is focused on continuing to build its OE business. In China, the company has fitments on 47 platforms including five of the top-10 selling SUVs in 2017. In the global OE market, Cooper has established a partnership with Volkswagen and is finalizing collaboration with a premium European automaker. The company’s OE business gives Cooper early product development insight into changing tire requirements driven by the latest vehicle designs, technologies and trends, as well as strengthens the Cooper brand among consumers and retailers. Recent consolidation in tire distribution is disrupting the industry landscape. Management believes that such disruption presents opportunity for Cooper. The company is in a position to benefit as changes in distribution entities pressure long-standing relationships between distributors and tire manufacturers. Cooper’s core strengths, including brand equity, quality products, and strategic relationships with national and regional distributors, will allow the company to harness certain opportunities and Cooper is actively pursuing a joint action plan with key distributors and a conquest plan to increase its associate dealer program exposure and participation. As previously reported, Cooper’s results for 2017 and the first quarter of this year were affected by market headwinds related to raw materials, increased competitor promotional activity and generally weak consumer sell-out. Management expects that the market environment will stabilize in the future and that the key strategic initiatives intended to enhance Cooper’s performance will translate into tangible financial benefits in the mid-term. Cooper has announced five-year financial targets of annual unit volume growth in the low- to mid-single digits and operating profit margin in the range of 10 to 14 percent, as well as return on invested capital (ROIC) of 14 to 16 percent. - * Email


This Weeks Headlines - Past 7 Days

Monday, May 21, 2018
Redwood Plastics and Rubber appoints Angela Rodenburgh vice president of sales and marketing
GRI served as silver sponsor of the World Rubber Summit 2018
Denka to increase chloroprene rubber production by 10,000 tons
Toyo Tire to launch premium tire for SUVs
Global polyols market forecast to reach $34 billion by 2022

Friday, May 18, 2018
American Tire Distributors Inc. struggles after Goodyear defection
USTMA to roll out National Tire Safety Week May 21 to 28
MonTech to present at Maplan’s Days of Technology in South Elgin, IL
Book of the Day - Rubber Extrusion Technology Short Course Notes
Apollo Tyres tops JD Power survey on India Tyre Customer Satisfaction Index

Thursday, May 17, 2018
Momentive announces first quarter results
Lion Elastomers presents the Melvin Mooney distinguished technology award
CooperTire.com earns best manufacturing website award
Songwon Industrial releases first quarter results
Cabot Corporation named to CR magazine’s 100 best corporate citizens list for 2018

Wednesday, May 16, 2018
Evonik awards $9,900 in grants to STEM programs in Indiana
Clariant introduces additive solutions to North American manufacturers for automotive and packaging
Arkema increases prices of Ensoline PHE and Ensoline PHP
Ashland develops high-performance solution acrylic pressure sensitive adhesive
Lubrizol presented Estane TPU high performance solution for surface protection at NPE2018

Tuesday, May 15, 2018
Michelin teams with Vans to create limited-edition Classics to help improve teen driving safety
Cooper Tire & Rubber outlines strategic plan at Investor Day
Maxxis India expands footprint in India
Cooper Standard acquires 80.1 percent of LS Mtron’s automotive parts business
Nitrile butadiene rubber market forecast to reach $1.39 billion by 2022




Todays Headlines



VMI Group



Featured Website

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Goldsmith & Eggleton Incorporated, an employee- owned company, is engaged in the manufacture and distribution of rubber raw materials. Since our founding in 1968 our mission is to provide customers with consistent quality polymers that adhere to specification and provide economic value. G&E's Reliable Polymer Alternatives are used by original equipment manufacturers in a variety of diverse applications. G&E's quality system is registered to ISO 9001: 2000. We supply customers throughout the world from our Processing facility in Wadsworth Ohio. G&E provides the experience of seasoned industry professionals and the commitment of employee owners to continuous improvement.


 
 
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