FINDLAY, Ohio, Aug. 6 /PRNewswire-FirstCall/ -- Cooper Tire & Rubber Company announced today that its Board of Directors, at their Aug. 3 meeting, authorized the repurchase of up to $200 million of the Company's publicly traded notes.
The repurchase of debt may be accomplished through open market transactions, a tender offer, or a combination of the two.
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Company Description
Cooper Tire & Rubber Company is a global company that specializes in the design, manufacture, marketing and sales of passenger car, light truck, medium truck tires and subsidiaries that specialize in motorcycle and racing tires, as well as tread rubber and related equipment for the retread industry. With headquarters in Findlay, Ohio, Cooper Tire has 63 manufacturing, sales, distribution, technical and design facilities within its family of companies located around the world. For more information, visit Cooper Tire's web site at: http://www.coopertire.com/.
Forward-Looking Statements
This report contains what the Company believes are "forward-looking statements," as that term is defined under the Private Securities Litigation Reform Act of 1995, regarding projections, expectations or matters that the Company anticipates may happen with respect to the future performance of the industries in which the Company operates, the economies of the United States and other countries, or the performance of the Company itself, which involve uncertainty and risk.
Such "forward-looking statements" are generally, though not always, preceded by words such as "anticipates," "expects," "believes," "projects," "intends," "plans," "estimates," and similar terms that connote a view to the future and are not merely recitations of historical fact. Such statements are made solely on the basis of the Company's current views and perceptions of future events, and there can be no assurance that such statements will prove to be true.
It is possible that actual results may differ materially from those projections or expectations due to a variety of factors, including but not limited to:
-- changes in economic and business conditions in the world, especially
the continuation of the global tensions and risks of further terrorist
incidents that currently exist;
-- increased competitive activity, including the inability to obtain and
maintain price increases to offset higher production or material costs;
-- the failure to achieve expected sales levels;
-- consolidation among the Company's competitors and customers;
technology advancements;
-- fluctuations in raw material and energy prices, including those of
steel, crude petroleum and natural gas and the unavailability of such
raw materials or energy sources;
-- changes in interest and foreign exchange rates;
-- increases in pension expense resulting from investment performance of
the Company's pension plan assets and changes in discount rate, salary
increase rate, and expected return on plan assets assumptions;
-- government regulatory initiatives, including the proposed and final
regulations under the TREAD Act;
-- changes in the Company's customer relationships, including loss of
particular business for competitive or other reasons;
-- the impact of labor problems, including a strike brought against the
Company or against one or more of its large customers;
-- litigation brought against the Company;
-- an adverse change in the Company's credit ratings, which could increase
its borrowing costs and/or hamper its access to the credit markets;
-- the inability of the Company to execute its cost reduction/Asian
strategies;
-- the failure of the Company's suppliers to timely deliver products in
accordance with contract specifications;
-- the impact of reductions in the insurance program covering the
principal risks to the Company, and other unanticipated events and
conditions; and
-- the failure of the Company to achieve the full cost reduction and
profit improvement targets set forth in presentations made by senior
management and filed on Forms 8-K on September 7, 2006, October 31,
2006 and April 5, 2007.
It is not possible to foresee or identify all such factors. Any forward- looking statements in this report are based on certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.
Prospective investors are cautioned that any such statements are not a guarantee of future performance and actual results or developments may differ materially from those projected.
The Company makes no commitment to update any forward-looking statement included herein or to disclose any facts, events or circumstances that may affect the accuracy of any forward-looking statement.
Further information covering issues that could materially affect financial performance is contained in the Company's periodic filings with the U. S. Securities and Exchange Commission ("SEC").
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