Cooper says China JV resumes production of company-branded tires

Fri Jan 10, 2014 2:49pm EST

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(Reuters) - Cooper Tire & Rubber Co (CTB.N) said its Chinese joint venture resumed production of Cooper-branded tires at its Rongcheng facility, little more than a week after a planned merger fell through in part because of work stoppage there.

The U.S. company's partner in the Cooper Chengshan Shandong Tire joint venture protested the buyout of Cooper by India's Apollo Tyres (APLO.NS) and the facility stopped production of Cooper tires in August.

Cooper Tire ended the $2.5 billion sale to Apollo in December.

"While restarting production of Cooper brands at (the JV)indicates positive progress, it is absolutely critical that actions are taken there to allow Cooper to resume regular financial reporting," Cooper Tire said.

Cooper said in November that it was not able to file its quarterly financials -- required to secure financing for the Apollo deal -- since it lost access to information on the China business during the dispute.

Cooper Tire was up 2 percent at $25.74 in late trading on the New York Stock Exchange.

(Reporting by Mridhula Raghavan in Bangalore; Editing by Maju Samuel)

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