- Cooper Tire & Rubber (CTB) updates on strategy as part of an investor day presentation.
- "Three themes—the increased influence of consumers, underlying trends in the auto industry and consolidation in distribution—are driving changes in the tire business and Cooper is well positioned to benefit from them," says CEO Brad Hughes,
- The company expects its emerging OE business will drive enhanced product technology and keep it current with emerging trends such as electric and autonomous vehicles that it sees as a positive for the replacement tire market going forward.
- Cooper also says it's implementing strategic initiatives to leverage its strong position with consumers. The company is enhancing its focus on fast-growing premium product lines, accelerating the cadence of new product introductions, such as its upcoming AT3 tire line and enhancing consumer involvement in product development and testing.
- Five-year mid-term targets from Cooper include hitting an operating profit of 10% to 14% and annual unit volume growth in the low- to mid-single digits. Management also aims for return on invested capital of 14% to 16%.
- Source: Press Release
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