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Section 1: 8-K (8-K)

 

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

   
Date of Report (Date of Earliest Event Reported): October 10, 2018

 

Cooper Tire & Rubber Company

 

 

(Exact name of registrant as specified in its charter)

 

Delaware   001-04329   344297750
(State or other jurisdiction   (Commission   (I.R.S. Employer
of incorporation)   File Number)   Identification No.)

 

701 Lima Avenue, Findlay, Ohio   45840
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code:   419-423-1321

 

Not Applicable

 

 

Former name or former address, if changed since last report

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

  

 

 

 

Item 8.01. Other Events.

 

On October 10, 2018, Cooper Tire & Rubber Company’s subsidiary Cooper Tire & Rubber Company Europe Limited (the "Company") issued a press release announcing it will enter a consultation period to explore ceasing light vehicle tire production at its Melksham, UK site over a period of 10 months. A copy of the Company's press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K, and incorporated herein by reference.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

99.1 Cooper Tire & Rubber Company Europe Limited Press release dated October 10, 2018
 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

         
    Cooper Tire & Rubber Company
         
October 10, 2018   By:   /s/Jack Jay McCracken
         
        Name: Jack Jay McCracken
       

Title: Vice President, Assistant General Counsel &

Assistant Secretary

 

 

 

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Section 2: EX-99.1 (EXHIBIT 99.1)

 

Exhibit 99.1

 

NEWS

 

 

 

Cooper Tire Europe to enter consultation period to explore

ceasing light vehicle tyre production in Melksham

 

·Subject to employee consultation, Cooper Tire Europe is exploring ceasing light vehicle tyre production in Melksham and obtaining such tyres from other sites within the broader global manufacturing footprint of Cooper Tire & Rubber Company to meet its customer needs

 

·Ceasing light vehicle tyre production and other related changes could result in approximately 300 positions out of 732 across Cooper Tire Europe becoming redundant over a period of 10 months

 

·Melksham would remain the home of Cooper Tire Europe’s headquarters, sales and marketing offices, Europe Technical Centre and materials business. It is expected that production of motorsports and motorcycle tyres would also continue in Melksham

 

·The Melksham tyre production facility, in its present form, is not competitive within the Cooper global manufacturing network or the tyre industry at large; it is Cooper’s highest cost production site and it is Cooper Tire Europe’s current view, subject to consultation, that it is not economically feasible to expand or update the facility to meet its light vehicle tyre needs

 

MELKSHAM, UK, 10 October, 2018 – Cooper Tire & Rubber Company Europe Limited, a subsidiary of Cooper Tire & Rubber Company (NYSE: CTB), has announced that it will enter a consultation period to explore ceasing light vehicle tyre production at its Melksham site in Wiltshire over a period of 10 months. Subject to consultation, light vehicle tyres currently produced in Melksham may be obtained by Cooper Tire Europe from other sites within Cooper’s global manufacturing footprint to meet customer needs.

 

The goal of the proposed change is to ensure Cooper Tire Europe is best placed for future success in a cost-competitive, globalised environment.

 

Following consultation, if light vehicle tyre production at Melksham is phased out, approximately 300 positions out of 732 across Cooper Tire Europe could ultimately be made redundant. Melksham would remain the home of Cooper Tire Europe’s headquarters, sales and marketing offices, Europe Technical Centre and materials business. It is expected that production of motorsports and motorcycle tyres would also continue in Melksham.

 

Jaap van Wessum, General Manager – Cooper Tire Europe, said:

 


“We know the prospect of making positions redundant is difficult for our colleagues and the local community to consider. Yet, for Cooper Tire Europe to thrive into the long-range future, remaining a large Melksham-based employer, and meeting our obligations, we must explore obtaining light vehicle tyres from locations other than Melksham.

 

“Pending consultation, if positions are made redundant, Cooper will remain committed to doing all we can to support those employees who may potentially be affected. We will be consulting with our recognised trade union, Unite, and other employee representatives, and have arranged additional support for affected colleagues, which will be available throughout this process. In addition, we will work closely with Wiltshire Council and the Department for Work and Pensions to provide the best possible support to our colleagues and community.

 

“It is essential for Cooper to be globally competitive in the tyre industry. To deliver on our strategic growth objectives, we must produce quality light vehicle tyres in high volumes and at a competitive cost. Unfortunately, the Melksham site is an older, smaller facility that does not offer economies of scale and it is the highest cost facility in the global Cooper network. Due to facility age and location in the centre of town, it is our current view, subject to consultation, that it is not economically feasible to modernise or expand there for light vehicle tyre production.

 

“It is important to underscore that if we ultimately cease light vehicle tyre production in Melksham, Cooper is not leaving the Melksham community. It is the home of Cooper Tire Europe’s headquarters, sales and marketing offices, Europe Technical Centre, and materials business. We plan to continue manufacturing specialised motorsports and motorcycle tyres at the Melksham plant. If redundancies occur, Cooper Tire Europe will still employ hundreds locally and continue to honour its existing obligations.”

 

For more information, visit www.CTEMelkshamInfo.co.uk

 

END

 

 

 

 

Notes for Editors

 

About Cooper Tire & Rubber Company Europe Ltd.
Cooper Tire Europe (CTE) has been a subsidiary of Cooper Tire & Rubber Company since 1997. CTE is based in Melksham, Wiltshire, with facilities that include a 30-acre tyre manufacturing plant, materials business, headquarters offices, sales and marketing operations, and Europe Technical Centre. CTE also operates a warehouse in Swindon. In all, approximately 730 people are employed across the operation. CTE has a rich history, with Melksham becoming part of the story in 1890, when the organization that ultimately became CTE moved to its current location from Bradford on Avon. CTE markets a full range of summer and winter tyres for passenger car and 4x4 applications as well as specialised motorsports and motorcycle tyres. For more information visit www.coopertire.co.uk. 

 

About Cooper Tire & Rubber Company

Cooper Tire & Rubber Company (NYSE: CTB), founded in 1914, is the parent company of a global family of companies that specializes in the design, manufacture, marketing and sale of passenger car, light truck, medium truck, motorcycle and racing tyres. With 2017 total revenue of $2.85 billion, Cooper is the 13th largest tyre company in the world and the fifth largest in North America. The company is headquartered in Findlay, Ohio, USA, with manufacturing, sales, distribution, technical and design operations within its family of companies located in more than one dozen countries around the world. Approximately 9,200 people work in Cooper facilities worldwide. For more information, visit www.coopertire.com, www.facebook.com/coopertire or www.twitter.com/coopertire.

 

Contacts:

 

Anne Roman

ALRoman@coopertire.com

419.429.7189

 

Sumeet Desai

SDesai@brunswickgroup.com

+44 (0) 20 7396 3500

 

Joe Shipley

JShipley@brunswickgroup.com

+44 (0) 20 7396 5398

 

 

 

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