Cooper Tire & Rubber Company (NYSE:CTB) announced on Friday 21 March that it will shut down its tire manufacturing facilities in the United States and Mexico to protect the health and safety of employees and respond to market demand that has been declining by the coronavirus pandemic as the U.S. heads into a recession.
The process of phasing down production at the plants will begin today and proceed on a rolling schedule over the coming week, with facilities expected to be closed for two to three weeks. Cooper will continue to closely monitor the situation and adjust timelines as necessary.
The company is currently assessing plans for its Europe operations. Cooper’s plants in China, which reopened several weeks ago, and have continued to ramp up production, remain in operation.
Cooper is monitoring supply chain and product inventory levels as the company focuses on continuing to serve customers. Cooper believes it currently has sufficient supply of product and will continue to operate distribution centers until further notice to meet customer needs.
As the coronavirus has continued to spread across the globe, Cooper has put in place measures to protect employees and meet the needs of all stakeholders including travel restrictions, remote working, social distancing, additional cleaning and disinfecting of facilities, limited visitor access and other necessary steps, which all remain in effect.
Cooper Tire & Rubber Company
Cooper Tire & Rubber Company is the parent company of a global family of companies that specialize in the design, manufacture, marketing and sale of passenger car, light truck, medium truck, motorcycle and racing tires. Cooper’s headquarters is in Findlay, Ohio, with manufacturing, sales, distribution, technical and design operations within its family of companies located in more than one dozen countries around the world.