Cooper Tire & Rubber calls off merger with Apollo Tyres
NEW YORK (AFP) - US manufacturer Cooper Tire & Rubber has walked away from a deal with India's Apollo Tyres that would have created the world's seventh-largest tire maker by revenue, the firm said on Monday.
"It is time to move our business forward," Cooper CEO Roy Armes said in a statement, after a fruitless negotiation which saw the parties end up in court.
Apollo said in June it would buy the much larger Cooper Tire & Rubber in a US$2.5 billion (S$3.17 billion) debt-funded deal.
But the move was never finalised after it became bogged down in labor problems embroiling Cooper's US and Chinese operations.