March 22, 2010 (FinancialWire) — Cooper Tire & Rubber Co. (NYSE: CTB) said that it has received final approval from the government of the People's Republic of China to increase its ownership to 65 percent from the existing 51 percent at Cooper Chengshan Tire Co.

According to Cooper, the cost of the additional shares is around $18 million and the transaction will be concluded by month's end.

Ohio-based Cooper Tire & Rubber specializes in the design, manufacture, marketing and sales of passenger car, light truck, medium truck tires and subsidiaries that specialize in motorcycle and racing tires.

Cooper Tire has manufacturing, sales, distribution, technical and design facilities in 10 countries.

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