Strikes by Chinese workers cost Cooper Tire (NYSE.CTB) US$29 million in the three months to September 30, Financial Times reported, citing the Ohio-based company’s delayed third-quarter earnings report. The seven-month industrial action, beginning in mid-June, at Cooper’s joint venture factory in Shandong province derailed a US$2.4 billion bid for Cooper by India’s Apollo Tyres (500877.BOM). It also occurred at a facility that generates as much as one-quarter of Cooper’s revenue and profit. The losses in Shandong contributed to a 25% year-on-year fall in third-quarter sales, to US$832 million.
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