0001144204-15-062064.txt : 201511020001144204-15-062064.hdr.sgml : 2015110220151102070654ACCESSION NUMBER:0001144204-15-062064CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:17CONFORMED PERIOD OF REPORT:20151029ITEM INFORMATION:Results of Operations and Financial ConditionITEM INFORMATION:Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain OfficersITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Other EventsITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20151102DATE AS OF CHANGE:20151102

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:COOPER TIRE & RUBBER COCENTRAL INDEX KEY:0000024491STANDARD INDUSTRIAL CLASSIFICATION:TIRES AND INNER TUBES [3011]IRS NUMBER:344297750STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-04329FILM NUMBER:151189146

BUSINESS ADDRESS:STREET 1:LIMA & WESTERN AVENUESCITY:FINDLAYSTATE:OHZIP:45840BUSINESS PHONE:4194231321

8-K1v423390_8k.htmFORM 8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section13 or 15(d) ofthe Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): October 29, 2015

Cooper Tire & Rubber Company

(Exact name of registrant as specified in its charter)

Delaware 001-04329 344297750

(State or other jurisdiction (Commission (I.R.S. Employer

of incorporation) File Number) Identification No.)

701 Lima Avenue, Findlay, Ohio 45840

(Address of principal executive offices) (Zip Code)

Registrants telephone number, including area code: 419-423-1321

Not Applicable

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intendedto simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant toRule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02Results of Operations and Financial Condition.

On November 2, 2015, Cooper Tire &Rubber Company (the "Company") issued a press release reporting its financial results for the second quarter 2015. Acopy of the Company's press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 5.02Departure of Directors or Certain Officers; Electionof Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 29, 2015, the Board of Directors(Board) of the Company elected Gary S. Michel as a new director, effective immediately, for an initial termending at the Companys 2016 Annual Meeting of Stockholders or until his earlier resignation or removal. Mr. Michel is notbeing appointed to any committees at this time. Mr. Michel is currently serving as president of Ingersoll Rand's (IR)residential heating, ventilation and air conditioning business. In 2014, the Company purchased approximately $20,091 of productsand services from IR. Through September 2015, the Company has purchased approximately $1,772 of products and services from IR.Such purchases were made in the ordinary course of each companys business. As a non-employee director, Mr. Michel will receivecompensation in the same manner as the Companys other non-employee directors, which compensation the Company previouslydisclosed in the Companys definitive proxy statement on Schedule14A filed on March 27, 2015 with the Securities andExchange Commission (the SEC).

On October 29, 2015, the Company also enteredinto an Indemnification Agreement (the Indemnification Agreement) with Mr. Michel (the Indemnitee).The Indemnification Agreement is substantially the same as the indemnification agreements into which the Company entered on December18, 2006 with certain of its other directors and executive officers. The Company previously reported its entry into indemnificationagreements with certain of its directors and executive officers on a Current Report on Form 8-K filed with the SEC on December20,2006 (theDecember2006 8-K).

Generally, the Indemnification Agreementprovides that the Company will indemnify the Indemnitee to the fullest extent permitted or required by Delaware law. The Indemniteeis not entitled to indemnification for any claim initiated by the Indemnitee against the Company or any Company director or officerunless the Company has joined in or consented to such claim. The Company will advance certain expenses to the Indemnitee priorto the final disposition of certain claims against the Indemnitee only if the Indemnitee executes and delivers to the Company anundertaking to repay any advanced amounts if he is ultimately determined to be not entitled to indemnification under the IndemnificationAgreement. In certain situations, the Indemnitee will be required to meet certain statutory standards of conduct in order to beindemnified by the Company under the Indemnification Agreement. Pursuant to the Indemnification Agreement, the Company has agreedto refrain from amending its Restated Certificate of Incorporation or Bylaws to diminish the Indemnitees rights to indemnificationprovided by the Indemnification Agreement or other indemnity provisions. The Company has also agreed to use commercially reasonableefforts to maintain a minimum level of directors and officers liability insurance coverage for the directors andofficers of the Company.

The summary of the Indemnification Agreementdescribed above is qualified in its entirety by reference to the form Indemnification Agreement for Directors and Officers filedby the Company as Exhibit10.1 to the December2006 8-K, which form Indemnification Agreement for Directors and Officersis incorporated herein by reference.

Item 7.01Regulation FD Disclosure.

On October 29, 2015, the Company issueda press release announcing the election of Mr.Michel as a new director of the Company. A copy of the press release is furnishedas Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference. The information in this Item 7.01,as well as Exhibit 99.2, shall not be treated as filed for purposes of Section 18 of the Securities Exchange Actof 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 8.01OtherEvents.

On November 2, 2015, the Company posteda summary slide presentation regarding third quarter 2015 (theSlide Presentation) on its corporate website.A copy of the Slide Presentation is attached hereto as Exhibit 99.3 and is incorporated by reference into this Item8.01.

Item 9.01Financial Statements and Exhibits.

(d)Exhibits

99.1Press release dated November 2, 2015

99.2Press release dated October 29, 2015

99.3Slide Presentation regarding third quarter 2015

SIGNATURES

Pursuant to the requirements of the Securities Exchange Actof 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Cooper Tire & Rubber Company

November 2, 2015 By: /s/ Jack Jay McCracken

Name: Jack Jay McCracken

Title: Assistant General Counsel and

Assistant Secretary

ExhibitIndex

Exhibit No. Description

99.1

Press release dated November 2, 2015

99.2 Press release dated October 29, 2015

99.3 Slide Presentation regarding third quarter 2015

EX-99.12v423390_ex99-1.htmEXHIBIT 99.1

Exhibit 99.1

NEWS

Cooper Tire & Rubber Company ReportsThird Quarter 2015 Results

Netsales were $782 million

Operatingprofit was $82 million, or 10.5 percent of net sales, compared with $89 million, or 9.7 percent of net sales, a year ago; operatingprofit excluding CCT was up 25 percent from the prior year quarter

Dilutedearnings per share were $0.93 compared with $0.77 per share a year ago

Unitvolume was up 7 percent year over year, excluding CCT

Americassegment unit volume grew 2 percent with operating margin of 14.6 percent of net sales

FINDLAY, Ohio, Nov. 2, 2015 Cooper Tire &Rubber Company (NYSE: CTB) today reported third quarter 2015 net income of $53 million, or diluted earnings per share of $0.93,compared with $48 million, or $0.77 per share, last year.

Third Quarter Highlights:

Netsales rose 2 percent excluding the impact of CCT, the companys former joint venture in China that contributed sales of$150 million in the third quarter a year ago (net of company eliminations). CCT was divested by Cooper in the fourth quarter of2014. Third quarter net sales as reported were $782 million, which compares with $920 million in the third quarter of 2014.

Thirdquarter results included higher unit volume of $50 million excluding CCT, with unit volume increases in both the Americas andInternational segments. The unit volume increase was partially offset by unfavorable price and mix of $32 million, primarily dueto pricing and promotion actions related to raw material costs, and negative currency impact of $6 million.

Thirdquarter 2015 operating profit was $82 million compared with $89 million for the same period last year, which included $23 millionfrom CCT. Excluding CCT, operating profit was up 25 percent from the prior year quarter. Third quarter operating margin was 10.5percent versus 9.7 percent in 2014.

oExcluding the impact of CCT, the operating profit increased as a result of favorable raw material costs of $55 million andhigher volume of $6 million. These benefits were partially offset by unfavorable price and mix of $18 million, $13 million of unfavorableSG&A costs, $10 million of higher manufacturing costs, and $2 million of other costs.

oThird quarter SG&A was $72 million, which compares with $68 million in the third quarter of 2014. The increase of $4 millionin SG&A reflects the absence of $9 million in SG&A from the sale of CCT, which was more than offset by increases of $13million. These increases included $8 million of higher estimated incentive costs based on the strong financial performance of thecompany and higher mark-to-market costs of stock based liabilities. In addition, the third quarter of 2015 included increased brandand product marketing costs due to the timing of programs, as well as continued SG&A spending in China, which is consistentwith the companys strategy to invest in the region for future growth.

oThe higher manufacturing costs were primarily experienced in the Americas segment where Cooper incurred costs associated withthe greater complexity of manufacturing higher value, higher margin tires, as well as increased pension expense and higher estimatedincentive costs based on the strong financial performance of the company.

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Cooper Tire Q3 20152

Consolidated Results:

Cooper Tire Q3 2015 ($M) Q3 2014 ($M) % Change

Net Sales $782 $920 (15.0%)

Operating Profit $82 $89 (8.1%)

Operating Margin 10.5% 9.7% NA

Our third quarter performance was excellent, and continuedthe positive trends we drove in the first half of 2015. The Americas segment posted another quarter of outstanding results, withunit volume growth and an operating margin of 14.6 percent, which is well above our target. Importantly, we again saw unit volumegrowth in our International segment, said Cooper Chairman, Chief Executive Officer and President Roy Armes.

The effective tax rate for the third quarter, including discreteitems, was 31.4 percent compared with 32.9 percent last year. Discrete items during the quarter, which reduced the tax rate, includedresearch and development tax credits and the release of reserves for effectively settled uncertain tax positions. The tax rateis based on forecasted annual earnings and tax rates for the various jurisdictions in which the company operates. SG&A expensefor the quarter was $72 million, or 9.2 percent of sales, compared with $68 million, or 7.4 percent of sales, in the third quarterof 2014.

At quarter end, Cooper had $424 million in cash and cash equivalents,compared with $336 million at September 30, 2014. Capital expenditures in the third quarter were $40 million compared with $36million in the same period last year.

In February 2015, the company announced a new $200 million sharerepurchase program. During the third quarter, 589,945 shares were repurchased under the program for $22.8 million. For the fullyear, 2,110,633 shares were repurchased under the program for $82.8 million, or an average price of $39.23 per share.

A summary presentation of information related to the quarteris posted on the companys website at http://investors.coopertire.com/Quarterly-Results.

Americas Tire Operations:

Americas Tire Operations Q3 2015 ($M) Q3 2014 ($M) % Change

Net Sales $702 $694 1.2%

Operating Profit $102 $76 35.5%

Operating Margin 14.6% 10.9% NA

Third quarter net sales in the Americas segment rose 1.2 percent as a result of higher unit volume of $14 million, which was partiallyoffset by unfavorable price and mix of $6 million. Segment unit shipments increased 2.1 percent compared with the same period lastyear. Coopers total light vehicle tire shipments in the United States increased 1.5 percent during the quarter. The Rubber ManufacturersAssociation (RMA) reported that its member shipments were up 6.6 percent, and total industry shipments (including an estimate fornon-RMA members) increased 1.7 percent for the period. Coopers year-to-date total light vehicle tire shipments in the UnitedStates increased 4 percent, outperforming total industry shipments, which decreased 0.1 percent for the same period.

Third quarter operating profit was $102 million, or 14.6 percentof net sales, compared with $76 million, or 10.9 percent of net sales, in the third quarter of 2014. The higher operating profitprimarily reflected favorable raw material costs of $49 million and higher unit volume of $3 million. These items more than offsethigher manufacturing costs of $9 million, unfavorable price and mix of $8 million, increased SG&A costs of $6 million and negativecurrency impact and other costs of $3 million.

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Cooper Tire Q3 20153

International Tire Operations:

International Tire Operations Q3 2015 ($M) Q3 2014 ($M) % Change

Net Sales $119 $313 (62.1%)

Operating Profit (Loss) ($5) $23 (123.4%)

Operating Margin (4.5%) 7.3% NA

Third quarter net sales in the International segment declinedto $119 million from $313 million in 2014. The decrease mainly reflected $183 million, before intercompany eliminations, from theabsence of CCT. Excluding CCT, sales decreased $11 million, as increased volume of $8 million was more than offset by $13 millionof unfavorable price and mix and $6 million of negative currency impact in the third quarter of 2015. Unit volume in Europe increasedcompared with the third quarter of 2014 based on higher year-over-year sales of winter tires along with increased exports to theUnited States. Unit volume in China, excluding CCT, was slightly higher than a year ago based on increased sales in the domesticChina market for both replacement and original equipment tires, which offset the decline in exports to the United States due tothe tariffs.

International operations recorded a third quarter operatingloss of $5 million compared with an operating profit of $23 million for the same period a year ago. The drivers of the operatingloss were the absence of CCT, which contributed $23 million to 2014 third quarter operating profit, unfavorable price and mix of$13 million and other costs of $3 million. These unfavorable items more than offset the benefits of lower raw material costs of$8 million and increased volume of $3 million.

Outlook

Third quarter raw material costs increased2.1 percent from the second quarter of 2015, with the companys internal raw material index increasing from 153.5 in thesecond quarter to 156.7 in the third quarter. The company anticipates fourth quarter raw material costs will be down slightly fromthe third quarter.

The company outlined the following forthe full year 2015:

Taxrate in the range of 34 percent to 37 percent

SG&Aforecast in the range of $265 million to $275 million

Capitalexpenditures expected to be between $195 million and $205 million

For the full year, we continue to expect that Cooperwill exceed industry unit volume growth in the U.S. Our new products and improving mix of sales to higher value, higher margintires position us well in an extremely competitive market. Our success in growing unit volume in the International segment is encouraging,and we expect to continue this unit volume growth in our international markets. Cooper remains committed to making the appropriateinvestments to support our strategic growth plans, particularly in the growing markets of Asia and Latin America, Armesnoted.

We expect a strong fourth quartercompared to the fourth quarter of last year and expect to benefit overall from slightly lower raw material costs when comparedto the third quarter. We expect this benefit to be offset in the Americas segment from normal, seasonally higher costs relatedto employee compensation and scheduled plant downtime. We anticipate that profitability will improve in the fourth quarter in ourInternational segment, while still generating an operating loss for the full year. We continue to expect that full company operatingmargin for 2015 will be above the high end of our mid-term target of 8 percent to 10 percent, but below the year to date resultsdue to the expected cost increases described in this release, Armes concluded.

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Cooper Tire Q3 20154

Third Quarter 2015 Conference Call Todayat 10 a.m. Eastern

Management will discuss the financial and operatingresults for the third quarter of 2015 on a conference call for analysts and investors today at 10 a.m. EST. The call may beaccessed on the investor relations page of the companys website at http://investors.coopertire.com or athttp://services.choruscall.com/links/ctb151102. Following the conference call, the webcast will be archived and availablefor 90 days at these websites.

Forward-Looking Statements
This release contains what the Companybelieves are forward-looking statements, as that term is defined under the Private Securities LitigationReform Act of 1995, regarding projections, expectations or matters that the Company anticipates may happen with respectto the future performance of the industries in which the Company operates, the economies of the United States and othercountries, or the performance of the Company itself, which involve uncertainty and risk.

Such forward-looking statementsare generally, though not always, preceded by words such as anticipates, expects, will,should, believes, projects, intends, plans, estimates,and similar terms that connote a view to the future and are not merely recitations of historical fact. Such statements are madesolely on the basis of the Companys current views and perceptions of future events, and there can be no assurance that suchstatements will prove to be true.

It is possible that actual results may differ materially fromprojections or expectations due to a variety of factors, including but not limited to:

volatility in raw material and energy prices, includingthose of rubber, steel, petroleum based products and natural gas or the unavailability of such raw materials or energy sources;

the failure of the Companys suppliers to timelydeliver products in accordance with contract specifications;

changes in economic and business conditions in theworld;

failure to implement information technologies or relatedsystems, including failure by the Company to successfully implement an ERP system;

increased competitive activity including actions bylarger competitors or lower-cost producers;

the failure to achieve expected sales levels;

changes in the Companys customer relationships,including loss of particular business for competitive or other reasons;

the ultimate outcome of litigation brought againstthe Company, including stockholders lawsuits relating to the terminated Apollo merger as well as product liability claims, ineach case which could result in commitment of significant resources and time to defend and possible material damages against theCompany or other unfavorable outcomes;

changes to tariffs or the imposition of new tariffsor trade restrictions, including changes related to the anti-dumping and countervailing duties for passenger car and light trucktires imported into the United States from China;

changes in pension expense and/or funding resultingfrom investment performance of the Companys pension plan assets and changes in discount rate, salary increase rate, andexpected return on plan assets assumptions, or changes to related accounting regulations;

government regulatory and legislative initiativesincluding environmental and healthcare matters;

volatility in the capital and financial markets orchanges to the credit markets and/or access to those markets;

changes in interest or foreign exchange rates;

an adverse change in the Companys credit ratings,which could increase borrowing costs and/or hamper access to the credit markets;

the risks associated with doing business outside ofthe United States;

the failure to develop technologies, processes orproducts needed to support consumer demand;

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Cooper Tire Q3 20155

technology advancements;

the inability to recover the costs to develop and test new products or processes;

a disruption in, or failure of, the Companys information technology systems, including those related to cyber security,could adversely affect the Companys business operations and financial performance;

the impact of labor problems, including labor disruptions at the Company, its joint venture, or at one or more of its largecustomers or suppliers;

failure to attract or retain key personnel;

consolidation among the Companys competitors or customers;

inaccurate assumptions used in developing the Companys strategic plan or operating plans or the inability or failureto successfully implement such plans;

risks relating to acquisitions, including the failure to successfully complete acquisitions or integrate them into operationsor their related financings may impact liquidity and capital resources;

changes in the Companys relationship with its joint-venture partner or suppliers, including any changes with respectto CCTs production of Cooper-branded products;

the ability to find alternative sources for products supplied by CCT;

the inability to obtain and maintain price increases to offset higher production or material costs;

inability to adequately protect the Companys intellectual property rights; and

inability to use deferred tax assets.

It is not possible to foresee or identify all such factors.Any forward-looking statement in this release is based on certain assumptions and analyses made by the Company in light of itsexperience and perception of historical trends, current conditions, expected future developments and other factors it believesare appropriate in the circumstances. Prospective investors are cautioned that any such statements are not a guarantee of futureperformance and actual results or developments may differ materially from those projected.

The Company makes no commitment to update any forward-lookingstatement included herein or to disclose any facts, events or circumstances that may affect the accuracy of any forward-lookingstatement. Further information covering issues that could materially affect financial performance is contained in the Companysperiodic filings with the U. S. Securities and Exchange Commission (SEC).

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About Cooper Tire & Rubber Company

Cooper Tire & Rubber Company (NYSE: CTB) is the parent companyof a global family of companies that specializes in the design, manufacture, marketing and sale of passenger car and light trucktires. Cooper and its subsidiaries also sell medium truck, motorcycle and racing tires. Coopers headquarters is in Findlay, Ohio,with manufacturing, sales, distribution, technical and design operations within its family of companies located in more than onedozen countries around the world. For more information on Cooper, visit www.coopertire.com, www.facebook.com/coopertireor www.twitter.com/coopertire.

Investor Contact:

419.424.4165
investorrelations@coopertire.com

Media Contact:

Anne Roman

419.429.7189

alroman@coopertire.com

Cooper Tire & Rubber Company

Condensed Consolidated Statements of Income

(Unaudited)

(Dollar amounts in thousands except per share amounts)

Three Months Ended Nine Months Ended

September 30, September 30,

2014 2015 2014 2015

Net sales $920,082 $782,368 $2,605,225 $2,197,355

Cost of products sold 762,878 628,414 2,152,810 1,751,754

Gross profit 157,204 153,954 452,415 445,601

Selling, general and administrative expense 67,829 71,787 205,540 193,652

Operating profit 89,375 82,167 246,875 251,949

Interest expense (7,050) (5,889) (20,960) (18,485)

Interest income 305 533 1,088 1,609

Other non-operating income (expense) (1,253) 1,362 (787) 3,034

Income before income taxes 81,377 78,173 226,216 238,107

Provision for income taxes 26,740 24,524 75,093 81,818

Net income 54,637 53,649 151,123 156,289

Net income attributable to noncontrolling shareholders interests 6,938 473 19,808 2,769

Net income attributable to Cooper Tire & Rubber Company $47,699 $53,176 $131,315 $153,520

Basic earnings per share:

Net income attributable to Cooper Tire & Rubber Company common stockholders $0.79 $0.94 $2.10 $2.68

Diluted earnings per share:

Net income attributable to Cooper Tire & Rubber Company common stockholders $0.77 $0.93 $2.07 $2.65

Weighted average shares outstanding (000s):

Basic 60,606 56,693 62,504 57,332

Diluted 61,629 57,232 63,473 57,934

Segment information:

Net sales

Americas Tire $693,938 $702,460 $1,896,666 $1,973,993

International Tire 313,415 118,903 950,181 350,853

Eliminations (87,271) (38,995) (241,622) (127,491)

Segment profit (loss)

Americas Tire $75,618 $102,475 $209,080 $301,039

International Tire 22,787 (5,329) 72,394 (11,755)

Unallocated corporate charges (7,912) (15,416) (32,223) (40,084)

Eliminations (1,118) 437 (2,376) 2,749

Cooper Tire & Rubber Company

Condensed Consolidated Balance Sheets

(Unaudited)

(Dollar amounts in thousands) September 30,

2014 2015

Assets

Current assets:

Cash and cash equivalents $335,778 $424,232

Notes receivable 90,098 10,917

Accounts receivable 538,790 423,731

Inventories 602,009 464,848

Other current assets 94,354 92,127

Total current assets 1,661,029 1,415,855

Net property, plant and equipment 971,683 769,305

Goodwill 18,851 18,851

Intangibles 153,656 134,047

Restricted cash 640 791

Deferred income tax assets 100,934 131,228

Other assets 16,586 17,267

Total assets $2,923,379 $2,487,344

Liabilities and Equity

Current liabilities:

Notes payable $184,553 $17,646

Accounts payable 358,320 228,939

Accrued liabilities 264,056 222,385

Income taxes payable 16,961 12,036

Current portion of long-term debt 15,559 600

Total current liabilities 839,449 481,606

Long-term debt 325,538 297,320

Postretirement benefits other than pensions 239,282 263,885

Pension benefits 249,529 329,938

Other long-term liabilities 159,692 146,015

Deferred income tax liabilities 6,131 3,856

Redeemable noncontrolling shareholder interest 168,435 -

Total parent stockholders equity 893,530 926,433

Noncontrolling shareholder interest in consolidated subsidiary 41,793 38,291

Total liabilities and equity $2,923,379 $2,487,344

Cooper Tire & Rubber Company

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollar amounts in thousands)

Nine Months Ended

September 30,

2014 2015

Operating activities:

Net income $151,123 $156,289

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 105,319 90,588

Deferred income taxes 2,717 2,205

Stock-based compensation 5,845 11,710

Change in LIFO inventory reserve (54,464) (45,132)

Amortization of unrecognized postretirement benefits 27,014 34,641

Changes in operating assets and liabilities:

Accounts and notes receivable (187,541) (66,628)

Inventories (35,518) (5,762)

Other current assets (2,681) (19,193)

Accounts payable 58,482 (24,849)

Accrued liabilities 52,519 45,489

Other items (24,825) (46,116)

Net cash provided by operating activities 97,990 133,242

Investing activities:

Additions to property, plant and equipment (112,126) (128,601)

Proceeds from the sale of assets 1,089 1,555

Net cash used in investing activities (111,037) (127,046)

Financing activities:

Net issuances of (payments on) short-term debt 163,473 (39,131)

Additions to long-term debt 15,634 -

Repayments of long-term debt (13,363) (3,125)

Payment of financing fees - (2,586)

Repurchase of common stock (200,000) (82,800)

Payment of dividends to noncontrolling shareholder (2,570) (917)

Payment of dividends to Cooper Tire & Rubber Company shareholders (19,432) (17,998)

Issuance of common shares and excess tax benefits on stock options 3,890 19,665

Net cash used in financing activities (52,368) (126,892)

Effects of exchange rate changes on cash 3,462 (6,724)

Changes in cash and cash equivalents (61,953) (127,420)

Cash and cash equivalents at beginning of year 397,731 551,652

Cash and cash equivalents at end of period $335,778 $424,232

EX-99.23v423390_ex99-2.htmEXHIBIT 99.2

Exhibit 99.2

NEWS

Gary S. Michel Named Director of CooperTire & Rubber Company

FINDLAY, OHIO, Oct. 29, 2015 The Board of Directorsof Cooper Tire & Rubber Company (NYSE: CTB) today named Gary S. Michel a director of the company effective immediately.

Michel is a 30-year veteran of Ingersoll Rand (NYSE: IR), currentlyserving as president of the companys residential heating, ventilation and air conditioning (HVAC) business, a post he hasheld since 2011. He has full responsibility for the management, operations and performance of the HVAC business, which includesbrands such as Trane, American Standard, Ameristar and NexiaHome Intelligence. A senior vice president of the company, Michel also serves as a member of the Ingersoll Rand enterprise leadershipteam and leads the Ingersoll Rand Sales Excellence Initiative as well as serving as a co-lead of the companys enterprisesustainability efforts. He began his tenure with Ingersoll Rand as an application engineer and went on to hold product, sales andbusiness management roles before moving into a series of leadership positions across various geographic and market segments, culminatingin his current role.

Michel holds a Bachelor of Science degree in mechanical engineeringfrom Virginia Polytechnic Institute and State University and a Master of Business Administration (MBA) degree from the Universityof Phoenix.

Cooper Chairman, Chief Executive Officer and President Roy Armessaid, Gary brings a wealth of experience at the highest levels of a $13 billion global business to our board. His insightsand expertise in product development, sales, business leadership and sustainability will be valuable as we continue to pursue Coopersstrategic plan for growth. We look forward to his contributions and welcome Gary to our board of directors.

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About Cooper Tire & Rubber Company

Cooper Tire & Rubber Company (NYSE: CTB)is the parentcompany of a global family of companies that specializes in the design, manufacture, marketing and sale of passenger car and lighttruck tires. Cooper and its subsidiaries also sell medium truck, motorcycle and racing tires. Coopers headquartersisin Findlay, Ohio, with manufacturing, sales, distribution, technical and design operations within its family of companies locatedin more than one dozen countries around the world. For more information on Cooper, visit www.coopertire.com, www.facebook.com/coopertireor www.twitter.com/coopertire.

Media Contact:

Anne Roman

419.429.7189

alroman@coopertire.com

Investor Contact:

419.424.4165
investorrelations@coopertire.com

EX-99.34v423390_ex99-3.htmEXHIBIT 99.3

Exhibit 99.3

November 2, 2015

Safe Harbor Statement T his presentation contains what the Company believes are forward - looking statements related to future financial results and business operations for Cooper Tire & Rubber Company. Actual results may differ materially from current management forecasts and projections as a result of factors over which the Company may have limited or no control. Information on certain of these risk factors and additional information on forward - looking statements are included in the Companys reports on file with the Securities and Exchange Commission and set forth at the end of this presentation. 2

Available Information You can find Cooper Tire on the web at coopertire.com. Our company webcasts earnings calls and presentations from certain events that we participate in or host on the investor relations portion of our website (http://coopertire.com/investors.aspx). In addition, we also make available a variety of other information for investors on the site. Our goal is to maintain the investor relations portion of the website as a portal through which investors can easily find or navigate to pertinent information about Cooper Tire, including: our annual report on Form 10 - K, quarterly reports on Form 10 - Q, current reports on Form 8 - K, and any amendments to those reports, as soon as reasonably practicable after we electronically file that material or furnish it to the Securities and Exchange Commission (SEC); information on our business strategies, financial results and selected key performance indicators; announcements of our participation at investor conferences and other events; press releases on quarterly earnings, product and service announcements and legal developments; corporate governance information; and other news and announcements that we may post from time to time that investors may find relevant. The content of our website is not intended to be incorporated by reference into this presentation or in any report or document we file with or furnish to the SEC, and any references to our website are intended to be inactive textual references only. 3

Three Months Ended September 30, 2015 Financial Performance Highlights 4 Amounts are unaudited and may not add due to rounding. (millions USD, except EPS) Net Sales by Segment Q3 2015 Q3 2014 Change from Prior Year Americas Tire $ 702 $ 694 1.2% International Tire 119 313 - 62.1% Eliminations ( 39) ( 87) - 55.3% Total Company $ 782 $ 920 - 15.0% Operating Profit by Segment OP % OP % Americas Tire $ 102 14.6 $ 76 10.9 $ 27 International Tire ( 5) ( 4.5) 23 7.3 (28) Eliminations - ( 1) 2 Corporate ( 15) (8) (8) Total Company $ 82 10.5 $ 89 9.7 $ (7) Earnings Per Share (diluted) from continuing operations attributable to common stockholders $ 0.93 $ 0.77 $ 0.16 Cash and Cash Equivalents $ 424 $ 336 $ 88

Nine Months Ended September 30, 2015 Financial Performance Highlights 5 Amounts are unaudited and may not add due to rounding. (millions USD, except EPS) Net Sales by Segment 9 Months Ended September 30, 2015 9 Months Ended September 30, 2014 Change from Prior Year Americas Tire $ 1,974 $ 1,897 4.1% International Tire 351 950 - 63.1% Eliminations ( 127) ( 242) - 47.2% Total Company $ 2,197 $ 2,605 - 15.7% Operating Profit by Segment OP % OP % Americas Tire $ 301 15.3 $ 209 11.0 $ 92 International Tire ( 12) (3.4) 72 7.6 (84) Eliminations 3 ( 2) 5 Corporate ( 40) ( 32) (8) Total Company $ 252 11.5 $ 247 9.5 $ 5 Earnings Per Share (diluted) from continuing operations attributable to common stockholders $ 2.65 $ 2.07 $ 0.58 Cash and Cash Equivalents $ 424 $ 336 $ 88

U.S. Shipment Comparison 6 Data source: The Rubber Manufacturers Association and Cooper Tire. Percentage Change in United States Shipments Q3 2015 vs. Q3 2014 Q3 YTD 2015 vs. Q3 YTD 2014 Total Industry RMA Members Cooper Total Industry RMA Members Cooper Passenger 0.8% 6.2% - 1.0% - 0.5% 4.5% 2.1% Light Truck 9.0% 9.8% 10.4% 3.0% 7.6% 11.0% Total Light Vehicle 1.7% 6.6% 1.5% - 0.1% 4.9% 4.0% Medium Truck 1.4% - 3.3% 11.1% 3.6% 0.9% 17.0%* * U.S. experienced medium truck tire supply issues in Q1 2014 and resumed normal shipments of the product in Q2 2014.

7 CTB Raw Material Price Index North America 0 50 100 150 200 250 300 Q3 2015 Average = 156.7 Q4 2015 is an estimate

Operating Profit Walk Total Company Q3 2014 to Q3 2015 Amounts may not add due to rounding . 8 55 6 1 89 82 23 18 13 10 5 - 100 200 ($millions) ($millions)

Operating Profit Walk Americas Tire Operations Q3 2014 to Q3 2015 Amounts may not add due to rounding . 9 49 3 1 76 102 9 8 6 4 - 100 200 ($millions) ($millions)

Operating Profit Walk International Tire Operations Q3 2014 to Q3 2015 Amounts may not add due to rounding. 10 8 3 23 (5) 1 2 23 13 (50) - 50 ($millions)

2014 CCT Operating Results 11 (millions USD ) Q1 2014 Q2 2014 Q3 2014 Q4 2014* Total 2014* Net Sales: External Customers $ 157.2 $ 171.6 $ 150.4 $ 66.6 $ 545.8 Intercompany 27.3 33.8 38.0 22.1 121.2 $ 184.5 $ 205.4 $ 188.4 $ 88.7 $ 667.0 21.0 25.2 23.5 7.7 77.4 Operating Profit $ $ $ $ $ Net income attributable to Cooper Tire & Rubber Company $ 10.5 12.0 11.2 4.9 38.6 $ $ $ $ Amounts are unaudited. * Q4 2014 and Total 2014 CCT operating results are through November 26, 2014, the date of the Companys divestiture of CCT.

Risks It is possible that actual results may differ materially from projections or expectations due to a variety of factors, includ ing but not limited to: volatility in raw material and energy prices, including those of rubber, steel, petroleum based products and natural gas or t he unavailability of such raw materials or energy sources; the failure of the Companys suppliers to timely deliver products in accordance with contract specifications; changes in economic and business conditions in the world; failure to implement information technologies or related systems, including failure by the Company to successfully implement an ERP system; increased competitive activity including actions by larger competitors or lower - cost producers; the failure to achieve expected sales levels; changes in the Companys customer relationships, including loss of particular business for competitive or other reasons; the ultimate outcome of litigation brought against the Company, including stockholders lawsuits relating to the terminated Ap oll o merger as well as product liability claims, in each case which could result in commitment of significant resources and time to defend and possible material damag es against the Company or other unfavorable outcomes; changes to tariffs or the imposition of new tariffs or trade restrictions, including changes related to the anti - dumping and countervailing duties for passenger car and light truck tires imported into the United States from China; changes in pension expense and/or funding resulting from investment performance of the Companys pension plan assets and chan ges in discount rate, salary increase rate, and expected return on plan assets assumptions, or changes to related accounting regulations; government regulatory and legislative initiatives including environmental and healthcare matters; volatility in the capital and financial markets or changes to the credit markets and/or access to those markets; changes in interest or foreign exchange rates; an adverse change in the Companys credit ratings, which could increase borrowing costs and/or hamper access to the credit ma rke ts; the risks associated with doing business outside of the United States; the failure to develop technologies, processes or products needed to support consumer demand; technology advancements; the inability to recover the costs to develop and test new products or processes; a disruption in, or failure of, the Companys information technology systems, including those related to cyber security, coul d a dversely affect the Companys business operations and financial performance; the impact of labor problems, including labor disruptions at the Company, its joint venture, or at one or more of its large c ust omers or suppliers; failure to attract or retain key personnel; consolidation among the Companys competitors or customers; inaccurate assumptions used in developing the Companys strategic plan or operating plans or the inability or failure to succ ess fully implement such plans; risks relating to acquisitions, including the failure to successfully complete acquisitions or integrate them into operations or th eir related financings may impact liquidity and capital resources ; changes in the Companys relationship with its joint - venture partner or suppliers, including any changes with respect to CCTs p roduction of Cooper - branded products; the ability to find alternative sources for products supplied by CCT; the inability to obtain and maintain price increases to offset higher production or material costs; inability to adequately protect the Companys intellectual property rights; and inability to use deferred tax assets. 12

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