Restructuring charges decrease Cooper earnings in quarter, year

FINDLAY, Ohio (Feb. 9)—Cooper Tire & Rubber Co. posted record sales for 2000, but restructuring charges lowered net income for the fourth quarter and the year. The company recorded net income of $6.3 million on sales of $819.8 million, compared to earnings of $31.5 million on sales of $701.2 million in 1999´s quarter. For the year, Cooper posted net income of $96.7 million on sales of $3.5 billion, vs. earnings of $135.5 million on sales of $2.2 billion in 1999. The company took restructuring and non-recurring charges associated with the shutdown and consolidation of operations disclosed in October 2000, part of a comprehensive restructuring plan. Since the announcement, the tire maker has closed three facilities and cut 200 jobs. In 2001, Cooper plans to close or downsize 22 operations, saving the firm $30 million annually once the plan is completed.