Cooper Tire in tentative deal with workers over merger

Sat Nov 2, 2013 1:22am IST

An employee works inside the warehouse at the Apollo Super Zone showroom in Mumbai October 8, 2013. REUTERS/Danish Siddiqui

An employee works inside the warehouse at the Apollo Super Zone showroom in Mumbai October 8, 2013.

Credit: Reuters/Danish Siddiqui

Related Topics

Stocks

   

REUTERS - Cooper Tire & Rubber Co (CTB.N) said it reached a tentative agreement with workers represented by United Steelworkers union, regarding its planned $2.5 billion sale to India's Apollo Tyres Ltd (APLO.NS).

An arbitrator ruled in September that the sale could not close unless Apollo drew up a collective bargaining agreement with the union that represents workers at two Cooper plants.

The new labour deal agreed to on Wednesday is subject to review by Apollo, as well as ratification by the union's membership, Cooper said in a filing on Friday.

(Reporting by Mridhula Raghavan in Bangalore; Editing by Maju Samuel)

FILED UNDER:

REUTERS EXCLUSIVE

Reuters Showcase

Rich List

Rich List

Bill Gates tops Forbes rich list, Michael Jordan joins.  Full Article 

Tough Task

Tough Task

India needs sustained GDP growth of 9-10 percent - Jaitley.  Full Article 

Budget 2015

Budget 2015

Budget announcements and reactions from the industry  Full Coverage 

New Credit Cards

New Credit Cards

Insight: Costly shift to new credit cards won't fix security issues   Full Article 

Environment Watch

Environment Watch

Deforestation could shift monsoons, leaving India high and dry.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage