Cooper Tire & Rubber Company, one of the top tire manufacturers in the world, has announced that
it has signed a letter of intent (LOI) to collaborate with Fate, one of the main tire manufacturers in Argentina and a global exporter.
As part of the deal, Fate will begin by becoming a distributor of Cooper branded radial tires for passenger vehicles, SUVs and light trucks, thus adding to Fate’s current range of tire products. Eventually, the two companies are also likely to work together on many ventures which may include offtake deals, collaboration on research and development and tire production.
Fate’s current product portfolio includes passenger, light truck, and SUV tires in addition to truck and bus radial (TBR) tires. These tires are manufactured at the company’s factory in San Fernando, Argentina and the plant there is the biggest and most modern facility in Argentina, with an annual output of approximately five million tires.
Cooper and its subsidiaries have a manufacturing footprint that spans seven tire factories spread across three continents as well as sales and distribution networks around the world.
Commenting on the deal with the Argentine company, Cooper Chief Operating Officer Brad Hughes said that Fate is a highly respected and quality-focused tire company with extensive reach, both within Argentina and throughout South America. The new deal is a step forward in Cooper’s drive to grow its business in Latin America.
“Fate is enthusiastic about the foreseen cooperation by complementing our already extensive portfolio of car, light-truck and SUV tires with Cooper’s valuable range of products and its highly respected brand as it will have a positive impact on our sales network while further enhancing Fate’s industrial growth strategy,” said Fate Commercial Manager Miguel Canay.
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