China’s Chengshan Group has agreed to take full control of its tyre joint venture with US-based Cooper Tire & Rubber Company.

Chengshan has agreed to pay Cooper Tire US$280m for its 65% stake in Cooper Chengshan (Shandong) Tire located in China’s Shandong province

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Last year, around 5,000 employees of Cooper Chengshan went on a protracted strike in protest at a takeover bid of its parent company Cooper Tire by India’s Apollo Tyres. The acquisition eventually failed and Cooper agreed, upon resumption of operations last January, to allow Chengshan to take full control of their partnership.

Chengshan Group said its will rename the joint venture Pulin Chengshan (Shandong) Tire when its takeover is completed.

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