Company type | Subsidiary |
---|---|
| |
Industry | Manufacturing |
Founded | 1914 Akron, Ohio, U.S. | (as M and M Manufacturing Company)
Founders | John F. Schaefer Claude E. Hart |
Headquarters | Findlay, Ohio, U.S. |
Key people | Thomas P. Capo (non-executive chairman) Bradley E. Hughes (president & CEO) Chris Eperjesy (vice president & CFO) |
Products | Tires |
Revenue | US$ 2.52 billion (2020) |
US$ 231 million (2020) | |
US$ 143 million (2020) | |
Total assets | US$ 2.972 billion (2020) |
Total equity | US$ 1.411 billion (2020) |
Number of employees | 10,000 (2020) |
Parent | Goodyear Tire and Rubber Company |
Subsidiaries | Avon Tyres Mastercraft Tires Mickey Thompson Tires & Wheels Roadmaster Tires Dean Tires StarFire Tires |
Website | us |
Footnotes /references [1] |
Cooper Tire & Rubber Company is an American company that specializes in the design, manufacture, marketing, and sales of replacement [2] automobile and truck tires, and has subsidiaries that specialize in medium truck, motorcycle, and racing tires. With headquarters in Findlay, Ohio, Cooper Tire has 60 manufacturing, sales, distribution, technical, and design facilities within its worldwide family of subsidiary companies, including the UK-based Avon Tyres brand, which produces tires for motorcycles, road cars, and race cars.
From 1960, the company was a publicly held corporation and was listed on the New York Stock Exchange until it was acquired by Goodyear in June 2021.
The company slogan is "The tire with two names ... the company and the man who built it."
The earliest corporate lineage for Cooper Tire was the M and M Manufacturing Company, founded in 1914 in Akron, Ohio, by John F. Schaefer and Claude E. Hart, who were related by marriage. Their new company produced tire patches, tire cement, and tire repair kits. They purchased The Giant Tire & Rubber Company of Akron, a tire-rebuilding business, in 1920, and in 1922 moved the business to Findlay, Ohio, [3] at a site at the intersection of Lima and Western avenues that is still occupied by Cooper Tire, adjacent to The Cooper Corporation facility. The Cooper name originates from 1919 when Cincinnati auto-parts dealer I. J. Cooper formed the Cooper Corporation in Findlay, to manufacture new tires. The Cooper Corporation, the M and M Company, and the Falls Rubber company merged in 1930 to form the Master Tire and Rubber Company. The company name was changed to Cooper Tire & Rubber Company in 1946. [4]
The Cooper oval trademark with the Cooper Knight headgear was first [5] registered and used in 1941. In those early years of the brand's identification, the logo also included a banner proclaiming the tires' "armored-cord" construction. The company's red, white, and blue logo became one of the more easily recognized emblems in the tire industry.
During World War II, the company, known as Master Tire and Rubber, manufactured pontoons, landing boats, waterproof bags and camouflage items, inflatable barges, life jackets, and tank decoys, as well as tires, to supply the Allied forces. The U.S. government recognized the company's contribution to the war effort in a 1945 ceremony bestowing the Army-Navy ‘E’ Award (for excellence). Soon after the war (1946), the company name was changed to Cooper Tire & Rubber Company.
From 1946 to 1982, Cooper Tire was headed by a member of the Brewer family: first W.B. Brewer, then his sons, Wayne and Edward. Another son, Robert, was a vice president. W.B. Brewer took Cooper Tire public, and on July 11, 1960, the company was listed on the New York Stock Exchange under the ticker symbol "CTB", the "B" standing for "Brewer." Throughout their tenure, the Brewers set a tone for hands-on leadership, management mingling with workers, and taking care of them. They built the trust and loyalty of the workers. [6]
Under the Brewers' leadership, Cooper Tire grew significantly. By 1983, the company joined the ranks of Fortune 500 companies as one of the largest industrial companies in the United States. [7]
On February 22, 2021, Goodyear Tire and Rubber Company announced that it entered into an agreement to acquire Cooper Tire for about $2.8 billion in cash and shares. The transaction was closed in June 2021, and was to result in Cooper shareholders owning around 16% of the combined company. [8] [9]
In 1997, Cooper purchased Avon Tyres Ltd., based in Melksham, England.
The company's largest growth acquisition occurred in 1999, when it bought the Standard Products Company, which increased Cooper's total workforce by 10,000 employees. Dearborn, Michigan-based Standard Products produced sealing, plastic trim, and vibration-control systems for the automotive original-equipment industry worldwide. The purchase included Standard Products subsidiaries Oliver Rubber Company and Holm Industries Inc. Oliver Rubber manufactured tread rubber and equipment for the truck-retread industry. Holm produced seals for home and commercial refrigerators. [10]
In December 2003, Cooper agreed to a joint venture with Kenda Rubber Industrial Company to construct a tire-manufacturing plant near Shanghai.
In January 2005, Cooper agreed to purchase 11% of South Korea-based Kumho Tires Company, and also announced the formation of a new commercial division encompassing both Oliver Rubber Company and commercial tires.
In October 2005, Cooper announced an agreement to obtain 51% ownership in China's third largest tire manufacturer, Cooper Chengshan (Shandong) Passenger Tire Company Ltd., and Cooper Chengshan (Shandong) Truck Tire Company Ltd., to produce truck and passenger car tires for mainland Chinese and export markets. [11] [12]
In 2007, Cooper started manufacturing in eastern China with Kenda Rubber Industrial Company, a company based in Taiwan. Cooper generates 25% of its global sales in China. [11]
In 2007, Cooper sold its Oliver Rubber Company subsidiary, which produced tread rubber and retreading equipment, to Michelin for US$69 million. [13] [14]
In December 2011, Cooper bought a unit of the Serbian tire manufacturing company Trayal Corporation from Kruševac, from the Bulgarian company Brikel EAD for a sum of $13 million and invested as much as $50 million. [15] [16] The newly established company, which has disintegrated from the Trayal Corporation, was named "Cooper Tire & Rubber Company Serbia" d.o.o. [16] As of 2016, it has around 740 employees and annual revenue of $76 million.
An Indian company named Apollo Tyres agreed to buy Cooper Tires for $2.5 billion on June 12, 2013. This would have made Goodyear Tire & Rubber Co. the only major tire manufacturer left in the United States. [17] On December 30, 2013, Apollo pulled out of the deal because Cooper had not disclosed vital information about its lack of control over its Chinese business. The Chinese plant went on an indefinite strike against the proposed acquisition, forcing Apollo to try to lower the $35-per-share bid in the original deal. [18]
In June 2020, Cooper announced that it would open a new regional distribution center in Whiteland, Indiana, in early 2021. The new site will replace the company's facility in Franklin and increase product storage capacity.
Cooper Tires produces Cooper-branded tires for passenger cars, light trucks, sport utility vehicles, and commercial trucks. [19]
In 1997, the tire business of Avon Rubber of Melksham, Wiltshire, in the United Kingdom was sold to Cooper, so that Avon could concentrate on its core businesses of automotive components, technical products, and protective equipment. Cooper Tire remained a major employer in central Melksham, which was Cooper's European headquarters. In 2018, production was reduced to motorsport racing and motorcycle tires after non-specialist production was moved to Serbia, and in October 2022 the company announced plans to close the Melksham site by the end of 2023. [20]
In addition to Avon, Cooper Tire manufactures tires under the associated brand names Dean, Mastercraft, Mickey Thompson, Roadmaster, and Starfire. [21] Cooper Tire formerly manufactured all tires sold under the Sears Guardsman brand at Sears, Roebuck & Co. stores. Cooper manufactures tires for Discount Tire Company under the Arizonian brand name, and Futura Tires for Pep Boys. Cooper Tire also manufactures Hercules branded tires in Findlay, Ohio. Cooper tires can be purchased at many tire retailers, such as Tire Discounters, Pep Boys, Discount Tire, and more.
Cooper became the official tire of the A1 Grand Prix, dubbed the World Cup of Motorsports, for the series' initial 2005–06 season and was under contract to produce slick tires and treaded rain tires for the series championship until 2008.
Since 1982, Avon Tyres had been the sole supplier for the British Formula Three Championship. From the 2009 season onwards, these were rebranded "Cooper", as Cooper became the championship's official title sponsor, and was to until the end of the 2014 season at least. [22] Avon Tyres was also the exclusive supplier for the FIA Formula Two Championship when revived in 2009 to 2012. [23]
In April 2010, Cooper/Avon Tyres presented a written proposal to Formula One Team Association to be the official tire supplier for the 2011 Formula One season. [24] This was ultimately rejected and Pirelli became the official tire supplier for 2011 onwards.
In the United States, Cooper became the official tire of the Champ Car Atlantic Championship in 2007. Cooper became the official tire of the IMSA Prototype Lites series (formerly IMSA Lites) in 2010. [25] Cooper Tires is the official supplier of the Mazda Road to Indy formula ladder: USF2000 (since 2010), Pro Mazda (since 2013), and Indy Lights (since 2014).
As of 2014, Cooper is the official supplier of the FIA World Rallycross Championship. [26] The Americas Rallycross Championship also uses Cooper Tires. [27]
On July 7, 2017, it was announced that Avon Tyres would be the primary kit sponsor for Championship side Derby County for the 2017/2018 season. In 2020, due to the COVID-19 pandemic, Cooper announced that the Road to Indy Presented by Cooper Tires will proceed through virtual races using racing simulation platform by iRacing. [28]
Cooper has 10,540 employees as of its 2016 annual report. Bradley E. Hughes is Cooper's president and CEO. [29]
Michelin, in full Compagnie Générale des Établissements Michelin SCA, is a French multinational tyre manufacturing company based in Clermont-Ferrand in the Auvergne-Rhône-Alpes région of France. It is the second largest tyre manufacturer in the world behind Bridgestone and larger than both Goodyear and Continental. In addition to the Michelin brand, it also owns the Kléber tyres company, Uniroyal-Goodrich Tire Company, SASCAR, Bookatable and Camso brands. Michelin is also notable for its Red and Green travel guides, its roadmaps, the Michelin stars that the Red Guide awards to restaurants for their cooking, and for its company mascot Bibendum, colloquially known as the Michelin Man, who is a humanoid consisting of tyres.
Bridgestone Corporation is a Japanese multinational manufacturing company founded in 1931 by Shojiro Ishibashi (1889–1976) in the city of Kurume, Fukuoka, Japan. The name Bridgestone comes from a calque translation and transposition of ishibashi (石橋), meaning 'stone bridge' in Japanese. It primarily manufactures tires, as well as golf equipment.
The Goodyear Tire & Rubber Company is an American multinational tire manufacturer headquartered in Akron, Ohio. Goodyear manufactures tires for passenger vehicles, aviation, commercial trucks, military and police vehicles, motorcycles, RVs, race cars, and heavy off-road machinery. It also licenses the Goodyear brand to bicycle tires manufacturers, returning from a break in production between 1976 and 2015. As of 2017, Goodyear is one of the top four tire manufacturers along with Bridgestone (Japan), Michelin (France), and Continental (Germany).
Avon Protection plc is a British company that specialises in the engineering and manufacturing of respiratory protection equipment for military, law enforcement and fire personnel. Its corporate headquarters are 3 km (1.9 mi) south of Melksham in Wiltshire, England, at the Hampton Park West development. It is listed on the London Stock Exchange.
Dunlop Tyres is a brand of tyres which is managed by different companies around the world. It was founded by pneumatic tyre pioneer John Boyd Dunlop in Belfast, Ireland, in 1888.
The company formerly known as the United States Rubber Company, now Uniroyal, is an American manufacturer of tires and other synthetic rubber-related products, as well as variety of items for military use, such as ammunition, explosives, chemical weapons and operations and maintenance activities (O&MA) at the government-owned contractor-operated facilities. It was founded in Naugatuck, Connecticut, in 1892. It was one of the original 12 stocks in the Dow Jones Industrial Average, and became Uniroyal, Inc., as part of creating a unified brand for its products and subsidiaries in 1961.
MRF or MRF Tyres, is an Indian multinational tyre manufacturing company and the largest manufacturer of tyres in India. It is headquartered in Chennai, Tamil Nadu, India. The word MRF comes from the company's initial days when it was called as Madras Rubber Factory. The company manufactures rubber products including tyres, treads, tubes and conveyor belts, paints and toys. MRF also runs the MRF Pace Foundation, Chennai and MIDD – MRF Institute of Driver Development in Chennai. MRF Limited has emerged as the world's second-strongest tyre maker, with a AAA− brand grade.
Nokian Tyres plc, headquartered in Nokia, Finland, produces tyres for cars, trucks, buses, and heavy-duty equipment. Known for its winter tyres, Nokian is the only tyre manufacturer in the world with its own permanent winter tyre testing facility. The company's Hakkapeliitta brand name is recognised in Finland as a trademark.
The Yokohama Rubber Company, Limited is a Japanese manufacturing company based in Hiratsuka, Japan. The company was founded and began on October 13, 1917, in a joint venture between Yokohama Cable Manufacturing and BFGoodrich. In 1969, the company expanded to the United States as Yokohama Tire Corporation. It primarily produces tires, rims and golf equipment.
Sumitomo Rubber Industries, Ltd. is a global tire and rubber company based in Japan. It is part of the Sumitomo Group. The company makes a wide range of rubber based products, including automobile tires, golf balls and tennis balls. Sumitomo tire brands include Dunlop, Falken and Ohtsu. Sumitomo also manufactures and sells the sport equipments under the Dunlop Sport brand.
Melksham House is a Grade II listed house, situated 164 yards,, west of the Market Place in the town of Melksham, Wiltshire, England.
Formula One tyres play a significant role in the performance of a Formula One car. The tyres have undergone major changes throughout the history of Formula One with different manufacturers and specifications used in the sport.
Dunlop Ltd. was a British multinational company involved in the manufacture of various natural rubber goods. Its business was founded in 1889 by Harvey du Cros and he involved John Boyd Dunlop who had re-invented and developed the first pneumatic tyre. It was one of the first multinationals, and under du Cros and, after him, under Eric Geddes, grew to be one of the largest British industrial companies. J. B. Dunlop had dropped any ties to it well before his name was used for any part of the business. The business and manufactory was founded in Upper Stephens Street in Dublin. A plaque marks the site, which is now part of the head office of the Irish multinational departments store brand, Dunnes Stores.
Falken is a brand of passenger car, light truck, and medium truck tires owned by the Japanese company Sumitomo Rubber Industries (SRI). It was launched in its native country of Japan in 1983, and was introduced to the North American market two years later and in Europe in 1988. Falken has now become a stand-alone brand that focuses on UHP products while utilizing professional motorsports to further develop and improve products for worldwide distribution.
Dunlop is a brand of tyre originally produced by the Dunlop Pneumatic Tyre Company from the end of the 19th century, taking its name from John Boyd Dunlop. The brand is used for many other products made from rubber or with rubber components and some with a looser connection to rubber.
DMACK, the parent company of DMACK Holdings Ltd., is a Rovereto, Italy, based tyre manufacturer which started as a company based in Carlisle, United Kingdom.
The following outline is provided as an overview of and topical guide to tires:
Ansell is an Australian company which manufactures protective industrial equipment and medical gloves.
In motorsports, a tire war occurs when more than one manufacturer provides tires for a motorsports series. Historically, tire wars have occurred in many high-level series, such as Formula One, NASCAR, Super GT, and MotoGP.