Cooper Tire to buy interest in Mexican plant

The plant will be jointly owned by Cooper IBSA, a Mexican holding corporation, and Cooperativa TRADOC SRL, the employee owners of the plant.

Cooper officials said the facility will help supplement the production of the company's U.S. plants and help the Cooper brand penetrate the Mexico market.

The facility currently produces 2.4 million passenger radial tires per year. Plans are in place to raise that capacity to an estimated 4.6 million by the end of 2010, and 6 million units during 2011, Cooper said.

Cooper shares fell 34 cents, or 3.8 percent, to close at $8.67.