Overstock temporarily stops Cooper Tire production
FINDLAY, OH (Toledo News Now) -
Cooper Tire and Rubber Company is temporarily stopping production at its Findlay factory.
Workers there went on furlough to reduce tire inventory. A tire industry publication says all tire dealers have a large stock of tires on hand.
Cooper Tire released a report last month stating the company closed 2012 with a record fourth quarter and full-year operating profit. The fourth quarter operating profit alone was $124 million, which brought the year's total to $397 million.
Net sales in 2012 were even higher. For the year, Cooper Tire made $4.2 billion in net sales, a 7 percent increase from 2011. The company said lower raw material costs had a positive effect on sales.