Cooper Tire & Rubber Company and Fate, an Argentine tyre manufacturer, signed a letter of intent (LOI) to work together.
Initially, Fate will become a distributor of Cooper branded passenger, light truck and sport utility vehicle (SUV) radial tyres in Argentina, complementing Fate’s existing product portfolio. Over time, the two companies may also work together on a variety of potential cooperative ventures including tyre production, offtake arrangements, and possible cooperation on research and development activities.
Among other products, Fate produces passenger, light truck, and SUV tyres as well as truck and bus radial (TBR) tyres at its facility in San Fernando, Argentina. This plant is the largest and most modern tyre production facility in that nation, producing approximately five million tyres per year. Cooper, together with its subsidiaries, has seven tyre manufacturing facilities on three continents, and sales and distribution networks around the world.
“Cooper is pleased to align with Fate, a highly respected and quality-focused tyre company with extensive reach in Argentina and throughout South America, as we continue to move forward with our strategic plan to grow our business in Latin America,” said Cooper Chief Operating Officer Brad Hughes.
“Fate is enthusiastic about the foreseen cooperation by complementing our already extensive portfolio of car, light-truck and SUV tyres with Cooper’s valuable range of products and its highly respected brand as it will have a positive impact on our sales network while further enhancing Fate’s industrial growth strategy,” said Fate Commercial Manager Miguel Canay.