Cooper Tire & Rubber Co. (CTB) - Get Report is recalling more than 430,000 light truck tires in the U.S. due to concerns they can develop sidewall bulges that could lead to tire failure, according to documents posted on Friday.
Shares of the Findlay, Ohio were off slightly to $56.12 at last check.
Cooper Tire said there have been no deaths or injury claims, nor property damage, due to the problem.
The recall covers certain Discoverer, Evolution, Courser, Deegan, Adventurer, Hercules, Back Country, Multi-Mile, Wild Country and Big O tires in several sizes.
Bulges in the tires can cause a sidewall separation, making them lose air rapidly and increasing the risk of a crash, the company said in documents posted on Friday by the National Highway Traffic Safety Administration.
The recall is expected to start March 25. Owners will be notified and dealers will replace the tires.
The tires were made between Feb. 1, 2018 and Dec. 1, 2019. Owners can contact the company at 800-854-6288.
Under the terms of the deal, Cooper shareholders will receive $41.75 a share in cash and a fixed exchange ratio of 0.907 shares of Goodyear common stock per Cooper share for a total equity value of roughly $2.8 billion.
Founded in 1914, Cooper is the fifth-largest tire manufacturer in North America by revenue, with about 10,000 employees working in 15 countries worldwide. Cooper products are manufactured in 10 facilities around the globe, including wholly-owned and joint venture plants.
The company's portfolio of brands includes Cooper, Mastercraft, Roadmaster and Mickey Thompson.