News and Vehicle Culture
By Will Schertz February 22, 2021, 14:44
Goodyear Tire & Rubber Co. In the joint press release, Ohio-based tire maker will buy Cooper Tire & Rubber Co. approximately $ 2.8 billion in cash and equity transactions. Goodyear said he expects the acquisition to improve product offering, especially in the light truck and SUV segments, and offer a range of short and long-term financial benefits.
Agreement forming a company with more than 50 factories and 72,000 employees worldwide, Good year
tire brands under one umbrella, among others Dunlop,
Mickey thompson, and Master job. This move strengthens Goodyear’s position as one of the three largest North American tire manufacturers, along with Michelin and Bridgestone.
Goodyear president, president and CEO Richard Kramer described the acquisition as “exciting and transformational,” adding:
“The addition of Cooper’s complementary tire product portfolio and highly capable manufacturing assets, combined with Goodyear’s technology and industry-leading distribution, provides the combined company with improved cost efficiency opportunities and a broader offering for both companies’ retail networks. We are confident that this combination will enable us to provide enhanced service for our customers and consumers, while also creating value for our shareholders. ”
Richard Kramer, President, President and CEO, Goodyear
The deal is expected to be completed in the second half of 2021. The combined company will be headquartered in Akron, Ohio, but Goodyear said it expects to continue a presence in Cooper’s hometown of Findlay, Ohio.
You can read the press release in full Request.