Cooper Tire & Rubber Co.’s effort to end or mend its partnership in China with Chengshan Group continues without a resolution so far.
An independent company missed a deadline Monday to assign a value to the Cooper Chengshan Tire factory.
“Cooper has briefly extended that deadline to allow for some additional work to take place related to the process,” said Roy Armes, chief executive officer. “We will continue to communicate with investors and others at key points in this process as appropriate.”
A value for the plant must be set before Cooper and Chengshan Group can decide whether one will buy the other’s interest or they will keep the current structure in which Cooper owns 65 percent.
Cooper Tire’s partnership with Chengshan Group suffered last year when the Cooper Chengshan Tire factory and its unionized workers sabotaged the proposed sale of Cooper Tire to Apollo Tyres of India. The Chinese plant stopped producing Cooper-brand tires and withheld the plant’s financial information from Cooper Tire leaders.
Without the financial information, Cooper Tire could not release information about its performance in the third quarter of 2013. That prevented lenders from releasing financing that Apollo needed to buy Cooper.
Since the Apollo deal unraveled, the Cooper Chengshan plant has resumed production of Cooper tires and is releasing financial results.