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Article: Cooper Tire buying Standard for $584M.
- Article from:
- United Press International
- Article date:
- July 27, 1999
CopyrightCOPYRIGHT 1999 United Press International. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DEARBORN, Mich., July 27 (UPI)
Auto supplier Standard Products Co. says it will be acquired by Cooper Tire & Rubber Co. for $584 million in cash and stock.
Findlay, Ohio-based Cooper says the deal, which includes the assumption of about $173 million in Standard's debt, will make it North America's largest manufacturer of automotive sealing systems.
Directors for each company have approved the transaction. It's expected to close in the fourth quarter pending regulatory approval.
Adding Standard's $1.1 billion in annual sales will bring Cooper's yearly revenues to more than $3.2 billion.