Cooper Replaces Tires to Settle Safety Claim

Cooper Tire & Rubber Co., the second-largest U.S. tire maker, offered to settle safety claims by replacing steel-belted radial tires made in the last 16 years whose tread might have separated from the rest of the tire.

Cooper expects $34 million, or 47 cents a share, in expenses for the settlement. The company said it expects to pay about $5million this year, $19 million in 2002 and the balance of the expenses within five years.

There weren’t any personal injury or property damage claims in the lawsuits being settled, Cooper said. The settlement is expected to be completed in the first quarter.

The Findlay, Ohio-based company’s shares fell 10 cents to $13.35 on the New York Stock Exchange. The stock has risen 35% in the last year.