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News Summary: India tiremaker buying Cooper Tire

The Associated Press

FILE - In this May 2, 2007 file photo, Cooper tires are on display at Vermont Tire and Service Inc. in Montpelier, Vt. India's Apollo Tyres Ltd. is buying Ohio's Cooper Tire & Rubber Co. for about $2.22 billion, boosting its presence in North America and other key markets around the world. Apollo said Wednesday, June 12, 2013, that the combined company will be one of the world's largest tire makers, with a strong presence across four continents and combined 2012 sales of $6.6 billion. Their tire brands include Apollo, Cooper, Roadmaster and Vredestein.(AP Photo/Toby Talbot, File)

TIRE TIE-UP: A tire maker whose main market is in India, Apollo Tyres Ltd., is buying Ohio's Cooper Tire & Rubber Co. for $2.2 billion, creating a company that will rank as the industry's seventh largest.

SMOOTH RIDE?: The deal gives Apollo access to markets in the U.S. and China while Cooper gets a premium price per share and some assurances that its domestic operations that include plants in Ohio, Mississippi and Arkansas won't be gutted.

GROWTH PROSPECTS: Apollo Chairman Onkar Kanwar said the combined company will serve both large, established markets, such as the U.S. and Europe, as well as fast-growing markets such as India, China, Africa and Latin America.