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Cooper Tire releases fourth quarter and full year financial results

  2/23/2021 - Findlay, OH - Cooper Tire & Rubber Company reported full-year 2020 net income of $143 million, or diluted earnings per share of $2.83, compared with net income of $96 million, or $1.91 diluted earnings per share, for the prior year. Full year 2020 highlights include: global unit volume decreased 13.0 percent compared to the prior year; net sales were $2.52 billion compared to $2.75 billion the prior year; operating profit was $231 million, or 9.2 percent of net sales, compared to $174 million, or 6.3 percent of net sales in 2019. Fourth quarter highlights include: Global unit volume decreased 9.8 percent compared to the fourth quarter of 2019; net sales decreased 2.9 percent from the fourth quarter of 2019 to $728 million; operating profit was $60 million, or 8.3 percent of net sales, compared to $64 million, or 8.5 percent of net sales, in 2019; net income was $38 million, or $0.75 diluted earnings per share. “In 2020, Cooper continued to build upon the positive momentum that began in 2019, driven by execution of our strategic initiatives, which have successfully transformed Cooper into a consumer-driven company,” said President and Chief Executive Officer Brad Hughes. “Despite impacts from coronavirus, we delivered strong operating profit performance for the year, and demonstrated that the value proposition of providing high quality tires at an affordable price is compelling for consumers, especially in the current environment. We are proud of the achievements of our teams around the globe.” Goodyear will acquire Cooper in a transaction with a total enterprise value of approximately $2.5 billion. The transaction will expand Goodyear’s product offering by combining two portfolios of complementary brands. It will also create a stronger U.S.-based manufacturer with increased presence in distribution and retail channels, while combining both companies’ strengths in the highly profitable light truck and SUV product segments. The combined company will have approximately $17.5 billion in pro forma 2019 sales. Under the terms of the transaction, which has been approved by the boards of directors of both companies, Cooper shareholders will receive $41.75 per share in cash and a fixed exchange ratio of 0.907 shares of Goodyear common stock per Cooper share for a total equity value of approximately $2.8 billion.

Friday, March 5, 2021

Twin Cities Rubber Group announces free virtual technical meeting on HNBR curing - click to expand

Milestar introduces Weatherguard AS710 Sport all-season tire - click to expand

USW denounces Giti Tire for laying off 100 workers in South Carolina - click to expand

Goodyear, EASE Logistics create pilot program for cloud based tire technology - click to expand

Smithers moves into new building in Suzhou, China, expanding it tire, wheel and product testing operations - click to expand

Goodyear announces leadership changes to coincide with acquisition of Cooper Tire - click to expand

Thursday, March 4, 2021

Global adhesive and sealant market forecast at $83 billion by 2026 - click to expand

Rubber and tire industry webinars organized by KnowHow Webinars - click to expand

Smithers cancels planned corporate headquarters move - click to expand

Specialty Silicone Products announces EMI silicones for ADAS and advanced automotive applications - click to expand

Rubber Division extends deadline for scholarship applications - click to expand

Wacker Polymers announces global price increase for dispersions, resins and dispersible polymer powders - click to expand

Wednesday, March 3, 2021

Cabot expands capabilities at Malaysian manufacturing facility - click to expand

U.S manufacturing activity increases 2.1 percent in February - click to expand

Gelest founder Barry Arkles elected to National Academy of Engineering - click to expand

Michelin announces price increase for Michelin, BFGoodrich and Uniroyal passenger and light truck tires - click to expand

Federal district judge dismisses lawsuit against Denka Performance Elastomer in Louisiana - click to expand

USTMA forecasts increased tire shipments for 2021 - click to expand

Tuesday, March 2, 2021

KraussMaffei is selling its subsidiary, KraussMaffei Austria, to Luger GmbH - click to expand

Michelin launches Pilot Sport EV tire for electric sport vehicles - click to expand

ARPM announces 2021 Environmental Health and Safety (EHS) Summit - click to expand

Global rubber molding market size expected to reach $51.42 billion by 2026 - click to expand

BFGoodrich Tires launches Advantage Control tire for passenger cars, crossovers and minivans - click to expand

Cooper Tire recalls more than 430,000 light truck tires in the U.S. - click to expand

Monday, March 1, 2021

Arburg releases 2020 sustainability report - click to expand

Goldsmith & Eggleton introduces raw materials handling line - click to expand

Andrew Alaya promoted to Davis-Standard vice president, aftermarket sales - click to expand

Goodyear names Christopher P. Helsel senior vice president, global operations and chief technology officer - click to expand

Arkema reports full year 2020 financial results - click to expand

Bridgestone, Arlanxeo and Solvay co-develop Techsyn tire technology - click to expand

Market Reports

Medical grade silicone tube market forecast at $18.5 billion by 2027 - click to expand

U.S manufacturing activity increases 2.1 percent in February - click to expand

Global adhesive and sealant market forecast at $83 billion by 2026 - click to expand

Global rubber molding market size is expected to reach $51.42 billion by 2026 - click to expand

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