Cooper Tire & Rubber Company announced Wednesday that it has entered an agreement to purchase a majority of a China-based rubber company.
Cooper Tire & Rubber will own 65 percent of the Qindao Ge Rui Da Rubber Co., Ltd. located in northeast China. It will be renamed Cooper Qingdao Tire Co., Ltd.
The transaction is worth approximately $93 million.The deal is expected to close during the first half of 2016 pending certain Chinese government circumstances.
Upon closing, the China location will join seven other facilities in the Cooper Tire family, including three U.S. plants.
