Chinese workers strike over takeover of US firm
BEIJING (AFP) - Nearly 5,000 Chinese workers at a Sino-US joint venture tyre manufacturer are on strike in protest at the American parent company's US$2.5 billion (S$3.16 billion) takeover by an Indian firm, a union leader said on Wednesday.
Cooper Tire and Rubber announced last month that it would be taken over by Apollo Tyres of India, making the combined group the seventh-largest such firm in the world.
But thousands of staff at Cooper Chengshan, a joint venture in the eastern province of Shandong, have walked out in protest.
They say the takeover cost could endanger their jobs, and express concern about cultural problems with future Indian bosses.