FINDLAY, Ohio (Dec. 29)—Cooper Tire & Rubber Co. has received approval from the Chinese government to buy 51 percent ownership of Shandong Chengshan Tire Co. Ltd., paving the way for the $70 million deal to close in January.
Cooper said in October that it wanted to acquire majority control of Shandong Chengshan, which now operates as Cooper Chengshan (Shandong) Passenger Tire Co. Ltd. and Cooper Chengshan (Shandong) Tire Co. Ltd. The deal also includes a 25-percent ownership stake in a steel cord factory.
The Rongchen City, China-based company makes passenger and light truck radials and radial and bias commercial tires, principally under the brand names Chengshan and Austone.