CTB - CTB STOCK NEWS

Cooper Tire & Rubber Company has announced the recipients of its scholarship program for recent high school graduates. The award includes the Roy V. Armes Scholarship, providing up to $5,000, and five Cooper Centennial Scholarships of $1,000 each. Notably, Griffin Weinstein received both scholarships. These scholarships support the children of Cooper employees in pursuing education in fields like business and engineering. Since the program's inception, 37 students have received financial assistance, reinforcing Cooper's commitment to investing in future generations.

Cooper Tire & Rubber Company has officially opened a new regional distribution center in Whiteland, Indiana, covering 1 million square feet. This facility enhances Cooper's product storage capacity and optimizes operational efficiency. According to Mike Calabro, Executive Director of North America Supply Chain, the center will improve logistics and customer service. The transition of the workforce from the former Franklin distribution center supports a seamless operation. This center is part of Cooper's North America distribution network, which includes various other facilities.

Cooper Tire & Rubber Company has received recognition as a “3+” company by 50/50 Women on Boards for having three or more women on its board of directors, which constitutes about one-third of its board. This acknowledgment aligns with research indicating that diverse boards enhance profitability and productivity. Cooper also scored 100% on the Human Rights Campaign’s Corporate Equality Index and was named one of the World’s Best Employers by Forbes in 2020. The company emphasizes its commitment to diversity and inclusion as pivotal for strategic decision-making.

Cooper Tire & Rubber Company (NYSE: CTB) declared a quarterly dividend of 10.5 cents per share, payable on June 24, 2021, to stockholders of record by May 27, 2021. This marks the 197th consecutive quarterly dividend. The dividend is contingent upon the closing of a proposed merger with Goodyear, expected in the second half of 2021, pending regulatory approvals. Stockholders approved the merger agreement on April 30, 2021.

Cooper Tire & Rubber Company has launched the new Discoverer® Rugged Trek™ tire, targeted at pickup truck and SUV drivers. This all-season tire offers a blend of on-road comfort and off-road ruggedness, with a warranty of up to 60,000 miles. Key features include Whisper Grooves™ for noise reduction, Stable Trac™ Technology for enhanced traction, and Earth Diggers™ for off-road capabilities. Notably, it boasts the best tread wear warranty compared to competitors like Nitto and Goodyear, and outperforms them in wet conditions. Discoverer Rugged Trek tires are now available from select dealers nationwide.

Cooper Tire reported a first quarter 2021 net income of $22 million (or $0.43 per diluted share), recovering from a $12 million loss in the previous year. Net sales rose 23.3% to $656 million, driven by a 16.6% increase in global unit volume. Operating profit surged to $38 million, a significant turnaround from an operating loss of $6 million in Q1 2020. Despite strong demand, production faced challenges due to severe weather conditions. The merger with Goodyear is anticipated to finalize in H2 2021, pending regulatory approvals.

Cooper Tire & Rubber Company (NYSE: CTB) announced overwhelming stockholder approval for its merger with Goodyear Tire & Rubber Company, with roughly 99% of votes in favor. This marks a crucial step towards consolidating both entities to enhance value for shareholders and meet global customer needs. The merger awaits necessary regulatory approvals and customary conditions to be met before finalization. Cooper plans to disclose final voting results in a Form 8-K filing with the SEC.

Cooper Tire and Alice Cooper announce South of Eden as the winner of the 'Driven to Perform' garage band contest. The Columbus, Ohio band will open for Evanescence during a livestream concert on May 13. The contest, held from April 16 to 28, attracted over 12,000 fan votes. Cooper Tire's Senior Vice President, Chris Ball, praised the competition and noted the band's unique sound. Alice Cooper, notable for his theatrical hard rock performances, recently released the album 'Detroit Stories,' which debuted at #1 on Billboard's top album sales chart.

Cooper Tire has launched the Driven to Perform contest in partnership with Alice Cooper to find three talented American garage bands. The contest encourages fans to vote for their favorite band, with voting open from April 16-28. The winning band will perform as the opening act for Evanescence on a livestream concert scheduled for May 13. Each finalist will receive coaching from Alice Cooper, and fans can vote to gain behind-the-scenes access to the Evanescence concert, following the success of their album 'The Bitter Truth.'