Apollo Tyres acquires Cooper

News is out that Apollo Tyres will acquire US-based Cooper Tire and Rubber for US $ 2.5 billion. Termed as the biggest Indian acquisition of a US company till date, Cooper Tire is the fourth largest tyre manufacturer in the USA, and has a huge presence in Europe. Speaking about the acquisition, Neeraj Kanwar, MD of Apollo Tyres is known to have said, that the same would help them to de-risk. Manage to beat the slow down in the Indian auto sector. Apollo Tyres will make an all cash purchase of Cooper Tire and Rubber paying US $35 per share. The combined company will become the seventh largest tyre manufacturer in the world, with estimated annual sales of US $6.6 billion. Interestingly, the buy-over was only one in a series of international moves by Apollo Tyres, which now exports to 117 countries, and has production plants in the Netherlands, Zimbabwe and South Africa. The company began its efforts to expand overseas operations following the slump in auto sales which hit domestic profitability.