Cooper Tire & Rubber Co. has completed its acquisition of the former Trayal tire plant in Krusevac, Serbia.
The deal was announced in early December 2011. Terms were not announced.
On hand for the formal signing ceremony were Serbian President Boris Tadić, Serbian Prime Minister Mirko Cvetković, U.S. Ambassador Mary Warlick, and Cooper Chairman, President and CEO Roy Armes.
The company has not outlined its specific plans for the plant, or how much it anticipates investing in modernization and new equipment.
Armes said Cooper elected to invest in Serbia not only because of its “significant economic potential, but also for its quality workforce, geographical advantages and Serbian government support.”
"The Serbian government, the Kruševac community and our future employees are very excited about the opening of Cooper Tire Serbia and the economic benefit it will bring to the area," said Hal Miller, president of Cooper's international unit. “In serving the world's fastest growing markets as well as the world's largest market, we have expanded our global footprint and ability to respond to evolving demands and customer needs. This acquisition strengthens our presence in Europe and decidedly complements our existing worldwide operations.”