The Goodyear Tire & Rubber Co. will purchase fellow
Ohio-based tire producer Cooper Tire & Rubber Co. for about $2.8
billion in a money and inventory transaction, the businesses introduced in a joint
press launch. Goodyear stated it expects the acquisition to boost its product
providing, particularly within the mild truck and SUV segments, and provide an array of
short-term and long-term monetary advantages.
The deal—which creates an organization with greater than 50 factories and 72,000 staff globally—will carry the Goodyear and Cooper tire manufacturers below one umbrella, plus others like Dunlop, Mickey Thompson, and Mastercraft. The transfer strengthens Goodyear’s place as one of many three largest tire producers within the North American market together with Michelin and Bridgestone.
Richard Kramer, Goodyear chairman, president and CEO, referred to as
the acquisition “thrilling and transformational,” including:
“The addition of Cooper’s complementary tire product portfolio and extremely succesful manufacturing property, coupled with Goodyear’s know-how and business main distribution, supplies the mixed firm with alternatives for improved value effectivity and a broader providing for each corporations’ retailer networks. We’re assured this mix will allow us to supply enhanced service for our prospects and customers, whereas delivering worth for shareholders.”
Richard Kramer, Chairman, President & CEO, Goodyear
The deal is anticipated to shut within the second half of 2021. The
mixed firm can be headquartered in Akron, Ohio, however Goodyear stated it
expects to keep up a presence in Cooper’s house metropolis of Findlay, Ohio.
You may learn the press launch in its entirety right here.