Cooper Tire Will Eliminate 1,100 Positions

Cooper Tire & Rubber Co. will eliminate 1,100 jobs, or about 4.3% of its work force, and close or reduce operations at 18 plants around the world, as it reported a drop in quarterly profit. The cuts come as tire makers are facing higher costs of raw materials even as the industry scrambles to come up with tires to replace 6.5 million recalled by rival Bridgestone/Firestone Inc. Cooper said its third-quarter earnings fell 32% to $23 million, or 32 cents a share. Sales grew 59% to $844 million, mostly from its acquisition of Standard Products. The company said it will take a charge of $35 million to $40 million in the fourth quarter on the restructuring, which it expects to result in annual savings of about $30 million.