FINDLAY, Ohio — Cooper Tire & Rubber Company stockholders have approved a planned merger with The Goodyear Tire & Rubber Company, the company announced Friday.
At a special meeting of Cooper stockholders, approximately 99 percent of votes cast were in favor of the transaction, first announced in February, a statement said. Goodyear is not required to hold a vote of its stockholders to approve the merger agreement.
"We are pleased with the strong support of our stockholders for the proposed business combination of Cooper and Goodyear as all proposals related to the acquisition were approved," Cooper Chairman John Holland said. "This step is an important one in the process of bringing together our two companies to continue to meet the needs of customers, consumers and other stakeholders around the world while driving value for shareholders."
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Cooper's Texarkana, Arkansas, plant has been in operation for more than 50 years. Of Cooper's three U.S.-based plants, Texarkana's has the largest number of employees with more than 1,500.
On Feb. 8, 2019, the the local plant celebrated the production of its 400 millionth tire, a Cooper Discoverer STT Pro extreme all-season, off-road performance tire. With this milestone, the Texarkana plant earned the honor of most tires produced by a single Cooper plant in the company's history.
Cooper and Goodyear continue to work toward closing the transaction, which remains subject to the receipt of required regulatory approvals and the satisfaction of customary closing conditions.
Cooper will provide final special meeting vote results, as certified by the independent Inspector of Election, on a Form 8-K that will be filed with the U.S. Securities and Exchange Commission.