Cooper Tire Serbia, a subsidiary of Cooper Tire & Rubber Company (NYSE: CTB), today announced it is well underway on a construction project to increase production capacity at its Kruševac tire manufacturing plant. With a strategic manufacturing footprint investment of approximately $55 million (USD) in equipment upgrades and facility expansion, the project will increase the size of the Kruševac facility to more than 882,000 square feet.
In addition, the company plans to add 118 new jobs. The project is supported by approximately $8 million (USD) in incentives provided by the Serbian government.
With this investment Cooper Tire Serbia will be able to produce new, larger diameter tires being demanded in Europe and other global markets. Total annual production capacity at the Kruševac plant will increase by approximately one-third at completion of this expansion, which is expected later this year, and will establish a footprint which could further double capacity with additional equipment and people.
“Cooper Tire Serbia is substantially increasing tire production capacity at our Kruševac site, which is a key facility within Cooper’s global manufacturing network, supplying high quality tires to Europe and other global markets,” said Brad Hughes, Cooper President & Chief Executive Officer. “This project will enable the facility to manufacture light truck tires, including 4x4 tires, and large diameter tires up to 22 inches in addition to the passenger car and sport utility vehicle (SUV) tires it currently produces.”
“This expansion demonstrates Cooper’s commitment to the Europe market and will position us to better meet customer needs throughout the region and beyond with high quality tires that are in step with what consumers want in today’s tires,” said Jaap van Wessum, Cooper’s General Manager – Europe, Middle East and Africa. “We appreciate the support of the Serbian government and the city of Kruševac in the continued development of this site, and look forward to completing the project.”
Cooper acquired the assets of the Kruševac plant in 2012 and has continued to invest in upgrades and expansion projects at the site.
This report contains what the Company believes are “forward-looking statements,” as that term is defined under the Private Securities Litigation Reform Act of 1995, regarding projections, expectations or matters the Company anticipates may happen with respect to the future performance of the industries in which it operates, the economies of the U.S. and other countries, or the performance of the Company itself, which involve uncertainty and risk. Such forward-looking statements are generally, though not always, preceded by words such as “anticipates,” “expects,” “will,” “should,” “believes,” “projects,” “intends,” “plans,” “estimates,” and similar terms that connote a view to the future and are not merely recitations of historical fact. Such statements are made solely on the basis of the Company’s current views and perceptions of future events, and there can be no assurance that such statements will prove to be true.
It is possible that actual results may differ materially from projections or expectations due to a variety of factors, including, but not limited to:
It is not possible to foresee or identify all such factors. Any forward-looking statements in this report are based on certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Prospective investors are cautioned that any such statements are not a guarantee of future performance and actual results or developments may differ materially from those projected.
The Company makes no commitment to update any forward-looking statement included herein or to disclose any facts, events or circumstances that may affect the accuracy of any forward-looking statement. Further information covering issues that could materially affect financial performance is contained under Risk Factors below and in the Company’s other filings with the U. S. Securities and Exchange Commission (“SEC”).
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