Cooper Tire & Rubber Ends $2.5 Bln Merger With Apollo Tyres - Quick Facts

(RTTNews) - Cooper Tire & Rubber (CTB), Monday said it terminated the $2.5 billion merger deal with India's Apollo Tyres. The agreement signed on June 12 with Apollo will not be closed, and it has been notified that financing for the deal is no longer available, the company said. Cooper intends to focus on continuing to grow its business.

With a strong business model and in spite of the challenges this year, the company is coming off record operating profit through the first half. Looking ahead, the company expects to continue to be profitable for the second half, as well as hoping to continue to execute on its strategy in 2014.

Cooper's Chairman & Chief Executive said: "Addressing the situation at Cooper Chengshan Tire (CCT) in Rongcheng, China is our top priority in the near term. The issues at CCT were driven by the merger agreement, and with the agreement now terminated, Cooper is working independently to restore normal operations at CCT, including obtaining the information needed for Cooper to resume regular financial reporting as soon as possible."