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Stock Market & Financial Investment News

News Breaks
January 31, 2014
07:04 EDTCTBCooper Tire reaches agreement with Chengshan, CCT on path forward for JV
Cooper Tire & Rubber Company announced it has signed an agreement with Chengshan Group Company Ltd. and the CCT labor union establishing a path forward for the Cooper Chengshan Tire Company joint venture. The agreement establishes a process for determining the future ownership of CCT, which begins with engaging an independent valuation firm to determine the fair market value of CCT. Once a valuation is established, Chengshan will have the first option to either purchase Cooper’s 65% interest or to sell its 35% interest to Cooper, making CCT a wholly-owned subsidiary of Cooper. If Chengshan determines not to exercise either of these options, Cooper has the right under the agreement to purchase Chengshan’s 35% interest. The options are conditioned on Cooper reporting its financial results within a specified timeframe. In the event that neither party elects to purchase the others’ interest, the agreement allows for continuation of the joint venture as currently structured. The agreement further stipulates that should Chengshan purchase Cooper’s stake in the joint venture, Cooper will continue to have offtake rights with CCT agreeing to produce Cooper brand products, including Truck and Bus Radial tires, for a minimum of three years. The agreement also confirms that, with the support of the labor union and Chengshan, normal operations will be sustained at CCT including the production of Cooper brand products and access to financial and operational data that will allow Cooper to resume regular financial reporting.
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February 23, 2015
07:33 EDTCTBCooper Tire announces new $200M share repurchase authorization
Cooper Tire & Rubber Company announced that its Board of Directors has authorized the repurchase of up to $200M of the company’s outstanding common stock through December 31, 2016. Shares will be repurchased from time to time, based on market conditions and will be executed through open market purchases, privately negotiated purchases or otherwise. All or part of the repurchases may be implemented under Rule 10b5-1 trading plans, which allow repurchases under pre-set terms when the company might otherwise be prevented from doing so. The repurchased shares will be held in Treasury and used for general corporate purposes. The company recently completed a $200M accelerated share repurchase program announced in August 2014.
07:32 EDTCTBCooper Tire sees FY15 CapEx $205M-$215M, effective tax rate 30%-35%
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07:31 EDTCTBCooper Tire reports Q4 EPS 45c ex-gain, consensus 64c
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February 20, 2015
15:31 EDTCTBCooper Tire volatility elevated into Q4 and outlook
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