Indian firm buys Ohio-based Cooper Tire

Ohio-based Cooper Tire & Rubber will soon be owned by an Indian tire builder.

Indian firm Apollo Tyres has purchased Ohio-based Cooper Tire & Rubber for $2.5 billion, a move that will see the combined firm become the 7th-largest tire builder in the world.

The combined company will control brands including Apollo, Cooper, Avon, Vredstein, Mastercraft, Chengshin, Roadmaster and Starfire, which are primarily sold in Europe, North America and China. Cooper also owns a share of Korea's Kuhmo Tires, a fast-growing brand that has become a popular original equipment tire on new cars.

Cooper stockholders will receive $35 per share in cash as part of the deal since its stock will be delisted from the New York Stock Exchange. Both firms hope to see the acquisition close during the second half of 2013.

The two firms issued a joint statement that called the tie-up a "strategic combination."

Cooper CEO Roy Armes said that the deal was in the "best interest of Cooper's stockholders."

"We have watched Apollo's successful transformation into a major global tire group and have a great deal of respect for the company and its leadership," he said in the statement.

It's not clear how much of a presence Cooper will continue to maintain in Findlay, Ohio, where it is currently headquartered.