Cooper Tyre & Rubber Company said it and its subsidiary, Cooper-Standard Automotive, have reached an agreement with the United Steelworkers of America and several local branches of the union that will result in the injunction on the sale of four Cooper-Standard Automotive plants being dissolved and the appeal to the US 7th Circuit Court of Appeals being dismissed.
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The injunction was granted on November 2, 2004, by the US District Court in Indiana following a September 27 complaint filed by the United Steelworkers of America asserting the right to negotiate new labour agreements with a buyer before a sale of the four union facilities. On September 17, 2004, Cooper announced it would sell Cooper-Standard Automotive for $US1.165 billion to an entity formed by The Cypress Group and Goldman Sachs Capital Partners.
A spokesman said: “This agreement certainly brings us closer to concluding the sale of Cooper-Standard Automotive, without any additional cost to Cooper Tyre & Rubber Company. We continue to believe that the transaction will close before the end of the year.”
Specific details of the agreement were not disclosed.
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