|Exchange:||New York Stock Exchange|
|Stock:||Cooper Tire & Rubber Company|
|Industry:||Rubber & Plastics|
|Cooper Tire & Rubber Company was incorporated in the state of Delaware in 1930 as the successor to a business originally founded in 1914. The Company produces and markets passenger, light truck, medium truck, motorsport and motorcycle tires which are sold nationally and internationally in the replacement tire market to independent tire dealers, wholesale distributors, regional and national retail tire chains and large retail chains that sell tires, as well as other automotive and racing products. It also manufactures radial medium and bias light truck tires. It also manufactures and sells motorcycle and racing tires. The Company is organized into two reportable business segments: North American Tire Operations and International Tire Operations. The North American Tire Operations segment produces passenger car and light truck tires, mainly for sale in the United States replacement market. Major distribution channels and customers include independent tire dealers, wholesale distributors, regional and national retail tire chains, and other large automotive product retail chains. This segment operates in a highly competitive industry, which includes Bridgestone Corporation, Goodyear Tire & Rubber Company and Groupe Michelin. These competitors are larger than the Company and serve OEMs as well as the replacement portion of the tire market. The segment also faces competition from low-cost producers in Asia and South America. The International Tire Operations segment has manufacturing facilities in the United Kingdom and China. The segment has two sales offices and an administrative office in China through which it is managing and developing the Company’s increasing commercial relationships in Asia. In the United Kingdom, the segment currently produces passenger car, light truck, racing and motorcycle tires and markets these products mainly to dealers in the replacement markets in the United Kingdom, continental Europe and Scandinavia. The segment has subsidiaries in France, Germany, Italy, Spain and Switzerland for marketing its products in continental Europe. In China, the segment currently produces passenger car, bias, radial light and medium truck tires, and off-the-road tires. These products are manufactured for export to Europe and North America and are also marketed to dealers in the replacement tire market within China. Only a small percentage of the tires manufactured in China are sold to OEMs. As in North America, the segment operates in a highly competitive industry, which includes Bridgestone Corporation, Goodyear Tire & Rubber Company and Groupe Michelin. These competitors are larger than the Company and serve OEMs as well as the replacement portion of the tire market. The segment also faces competition from low-cost producers in Asia. The Company’s main raw materials include natural rubber, synthetic rubber, carbon black, chemicals and steel reinforcement components. It acquires its raw materials from a number of sources around the world to assure continuing supplies for its manufacturing operations and mitigate the risk of potential supply disruptions. The Company’s manufacturing facilities are subject to numerous laws and regulations designed to protect the environment.|
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