Cooper Tire Loses $29 Million Due to China Strike
Cooper Tire recently issued a report stating that the strike action by the Chinese joint venture party resulted in a loss of $29 million in the three months of 2013.
The strike mentioned by Cooper took place at Cooper Chengshan Tire Company in Shandong Province. Last summer, the company’s seven-month strike caused Apollo India’s tireless bid for 2.4 billion US$. Cooper has up to a quarter of its revenue and profits from Cooper Chengshan.
In Cooper's delayed third-quarter revenue report, it said that the strike caused the company to lose US$22 million in lost production, and further lost US$7 million due to “inefficient productionâ€. The company also generated US$5 million in this quarter. Costs related to failed acquisition transactions.
At the same time, due to the impact of the strike, Cooper Tire's third-quarter sales fell 25% year-on-year to US$832 million; operating profit shrank by almost 80% from 2012 to US$28 million. From July to September 2013, Cooper reported a net loss of US$168,000, compared with a net profit of US$74 million in the same period of last year.
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