Cooper Tire to start reopening U.S. plants next week, will have to re-close Mexico plant

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Cooper Tire & Rubber Co. said Thursday that that it will begin the process of reopening and ramping production at its manufacturing facilities in the U.S. next week. The facilities, which have been closed for about five weeks as a result of the COVID-19 pandemic, include locations in Findlay, Ohio; Clarksdale and Tupelo, Mississippi; and Texarkana, Arkansas. The tire maker said it will have to close its Mexico plant again, starting April 28, after it was reopened on April 13, after Mexico government determined the plant was a non-essential business. The company also said it will reopen its plant in Krusevac, Serbia, while its Melksham, England plant remains closed. The stock, which is still inactive in premarket trading, has dropped 33.8% year to date, while the S&P 500 has lost 13.4%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.