Cooper Tire & Rubber Company is a leading manufacturer of tires and other rubber products. The company was founded in 1914 by Leon H. Breeden and earned its name from the nearby town of Cooperstown, North Carolina.
History
The company's early years were marked by rapid expansion and innovation. In the 1920s, Cooper Tire began to develop its own tire designs and manufacturing processes, which allowed it to produce high-quality tires at a lower cost than its competitors.
In the 1950s and 1960s, Cooper Tire experienced significant growth and became known for its innovative products, including the first tire with a built-in tread pattern. The company also began to expand its product line to include other rubber products, such as belting and hose.
Product Line
Cooper Tire's product line includes:
- Passenger tires: These are designed for passenger vehicles, including sedans, SUVs, and trucks.
- Light truck/SUV tires: These are designed for light trucks and SUVs, and offer a combination of on-road handling and off-road capability.
- Medium truck tires: These are designed for medium-duty commercial trucks and offer a balance of traction and durability.
- Racing tires: Cooper Tire has a long history in motorsports and offers a range of racing tires for various types of vehicles.
Manufacturing Operations
Cooper Tire operates manufacturing facilities around the world, including:
- The United States: Cooper Tire has manufacturing facilities in North Carolina, Ohio, Tennessee, and Missouri.
- Europe: The company has manufacturing facilities in Ireland and the United Kingdom.
- Asia-Pacific: Cooper Tire has manufacturing facilities in China, Japan, and Thailand.
Research and Development
Cooper Tire invests heavily in research and development to stay at the forefront of tire technology. The company's R&D efforts are focused on developing innovative products that meet the evolving needs of consumers, including:
- Fuel efficiency: Cooper Tire is working to develop tires that improve fuel efficiency while maintaining performance.
- Safety: The company is investing in technologies that enhance safety, such as run-flat tires and advanced tread designs.
- Sustainability: Cooper Tire is committed to reducing its environmental footprint through sustainable practices and materials.
Awards and Recognition
Cooper Tire has received numerous awards and recognition for its products and services, including:
- Tire Industry Association's (TIA) 2019 Tire of the Year award
- J.D. Power's 2020 Most Dependable Tires in America award
- American Business Awards' (Stevie Awards) 2020 Product of the Year award
Acquisitions and Partnerships
Cooper Tire has made several significant acquisitions and partnerships over the years, including:
- The acquisition of the Cooper Tire's European operations from Sumitomo Rubber Industries Ltd. in 2019.
- A partnership with the German automotive supplier Continental AG to develop electric vehicle (EV) tires.
Financial Performance
Cooper Tire has reported strong financial performance in recent years, driven by increased sales and profitability:
- Revenue: $3.4 billion in 2020
- Net income: $121 million in 2020
- Gross margin: 21.1% in 2020
Leadership Team
The company's leadership team includes:
- Brad W. Hughes - President and CEO since 2019
- Robert D. Cooper - Vice Chairman of the Board
- Daniel J. Henderson - CFO
