Cooper agrees to divest Holm Industries

FINDLAY, Ohio (June 23)—Cooper Tire & Rubber Co. has agreed to divest the first of its plastics units, Holm Industries Inc., to a Chicago-based investment firm with holdings in plastics and capital equipment. Madison Capital Partners, through one of its operating units, will pay an undisclosed amount of primarily cash for Holm, which posted revenue of $120 million in 1999 from the sale of extruded plastic sealing products for the appliance and construction industries. Cooper said it expects to close the deal by June 30 and continue negotiating the sale of its remaining plastic trim unit. That announcement could come during the third quarter, the tire maker said.