You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • Gas falls under $3 around country
    NEW YORK – The sight is so surprising that Americans are sharing photos of it, along with all those cute Halloween costumes, sweeping vistas and special meals:
  • Japan's bank bulks upbond-buying program
    TOKYO – Japan’s central bank surprised the financial world and pleased investors Friday by intensifying its purchases of government bonds and other assets to try to revive a chronically anemic economy.
  • Wal-Mart lists 100 items to ship free
    NEW YORK – Wal-Mart is doing whatever it takes to rope in holiday shoppers however they want to buy.For the first time, Wal-Mart Stores Inc.
Advertisement

Miss. officials eye $38 million for Cooper Tire

TUPELO, Miss. – Local officials are supporting tax breaks to modernize Cooper Tire & Rubber Co.’s Tupelo plant, while state officials mull a contribution.

The Lee County Board of Supervisors has approved a plan to cut property taxes for 10 years, which could save the company $18 million during that time.

Cooper, based in Findlay, Ohio, wants to invest $140 million to modernize the Tupelo plant, guaranteeing to retain at least 1,300 workers for the next decade. The company now has about 1,600 employees.

The proposal calls for the state to contribute $20 million in bond money, $8 million in the first year and $6 million in each of the second and third years.

Lt. Gov. Tate Reeves said he’s he met with Cooper officials and called the meeting productive.

Cooper is trying to recover from a failed sale to India’s Apollo Tyres. A joint-venture partner in China balked at the deal and workers there went on strike. When they resumed work, they wouldn’t make Cooper-brand tires.

Cooper’s financial statements were delayed, with the company releasing its earnings for June through September 2013 only Friday.

The company said sales fell 24 percent in 2013’s third quarter compared to the same three months of 2012. Sales dived even as overall tire industry sales grew.

The company swung from a $74 million profit in 2012’s third quarter to a $168,000 loss in the 2013 period.

Cooper said it will release fourth quarter and full-year results later this month.

Advertisement