India-based Apollo Tyres acquires premium American tire company
American domestic tire company has been acquired by India-based Apollo Tyres in an agreement signed last month.
The 2.5-billion dollars deal has been signed between Cooper and Apollo in an agreement to merge the two companies.
The Fox News reports that Ohio-based Cooper has been around since 1914 and is the 11th largest tire company in the world.
According to the report, it has a strong reputation of selling premium and mid-tier tires through independent dealers across the country.
On the other hand, Apollo is a relative newcomer in the tire industry having been founded in 1972.
Apollo and Cooper combined together will become the 7th largest tire company in the world.