Cooper Tire to cut 1,100 jobs

FINDLAY, Ohio (Oct. 19)—On the heels of announcements that its third quarter profit slid 32 percent, Cooper Tire & Rubber Co. said it will eliminate 1,100 jobs—or 4.3 percent of its work force—and close or reduce operations at 18 of its plants around the world. The cost-cutting moves, which aim to compensate for high raw material costs, will include restructuring and job cuts at plants in Luzerne and Mio, Mich.; Rocky Mount, N.C.; and an Oliver Rubber plant in Dallas. The tire maker did not immediately identify which plants it will shutter. Cooper estimates total cost savings from the plan to reach about $30 million, with another $25 million realized from the sale of facilities and assets.