Cooper and Argentina's Fate ink letter of intent
Cooper and Fate, the Argentine tyre manufacturer, say they have signed a letter of intent (LOI) to cooperate.
Initially, Fate will become a distributor of Cooper branded passenger, light truck and SUV radial tyres in Argentina.
Both companies may also work together on a variety of potential cooperative ventures including tyre production, off-take arrangements and possible collaboration on research and development activities.
"Cooper is pleased to align with Fate, a respected tyre company with extensive reach in Argentina and throughout South America, as we continue to move forward with our strategic plan to grow our business in Latin America," said Cooper COO, Brad Hughes.
For its part, Fate commercial manager, Miguel Canay, noted: "Fate is enthusiastic about the foreseen cooperation by complementing our portfolio of car, light-truck and SUV tyres with Cooper's range of products and its brand as it will have a positive impact on our sales network while further enhancing [our] industrial growth strategy."
Among other products, Fate produces passenger, light truck and SUV tyres as well as truck and bus radial (TBR) versions at its facility in San Fernando, Argentina.
Cooper adds the plant is the largest and most modern tyre production facility in the South American country, producing around 5m variants per year.
Cooper, together with its subsidiaries, has seven tyre manufacturing facilities on three continents, as well as sales and distribution networks around the world.