Goodyear to acquire Cooper Tire for approx. $2.8B

Goodyear to acquire Cooper Tire for approx. $2.8B

The Goodyear Tire & Rubber Co. will acquire the Cooper Tire & Rubber Co. in a transaction with a total enterprise value of approximately $2.5 billion.

The transaction will expand Goodyear’s product offering by combining two portfolios of complementary brands, Goodyear says, adding that it will also create a stronger U.S.-based manufacturer with an increased presence in distribution and retail channels while combining both companies’ strengths in the light truck and SUV product segments. The combined company will have approximately $17.5 billion in pro forma 2019 sales.

Under the terms of the transaction, which has been approved by the boards of directors of both companies, Cooper shareholders will receive $41.75 per 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 approximately $2.8 billion.

Founded in 1914, Cooper is the fifth-largest tire manufacturer in North America by revenue with approximately 10,000 employees working in 15 countries worldwide, the companies say. 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.

Goodyear says the combined company will offer tire products and a broad selection of services through Goodyear’s relationships with traditional and emerging original equipment manufacturers; autonomous driving system developers; new and established fleet operators; and other mobility platforms. Goodyear adds that there will be opportunities for expansion of select Cooper facilities.

For more information, Goodyear President, CEO and Chairman Rich Kramer gives a statement here.

You May Also Like

Freightliner’s Backup Alert System available for Plus Series trucks

The Backup Alert System is available to order for Freightliner Plus series trucks. Deliveries are expected to begin in summer 2024.

Freightliner-backup-alert-system-1

Freightliner Trucks introduced the Backup Alert System as its latest safety feature for the Plus series. Available as a factory-installed safety option, DTNA says the passive system includes a 7-in. integrated touchscreen display, backup camera, and reverse proximity sensor. The new system works like those found in cars, the company noted.

FMCSA pulls two ELDs from registered list

FMCSA says Blue Star ELD and ELD Mandate Plus devices did not meet minimum requirements, and were placed on the Revoked Devices list.

FMCSA-CDL-final-fule
Apollo Tires US opens new Atlanta office

The company said this new office stands as the operational heart of the North American activities.

Apollo-Abhishek-Bisht
Peterbilt introduces Digital Vision System-Mirrors

Available on Models 579 and 567, Peterbilt says the DVS-M uses HDR cameras integrated into the mirrors to display video on interior monitors.

Peterbilt-new-Digital-Vision-Mirror-System
Hendrickson acquires Reyco Granning suspension business

Hendrickson expands its suspension solutions portfolio for medium- and heavy-duty vehicles while maintaining brand independence.

ReycoLogo-hendrickson

Other Posts

‘We’re in a market correction,’ but there’s good news

At a press event held at its Customer Center in Dublin, Va. Volvo Trucks North America provided a trucking market update.

Volvo-event-VNL-Magnus-Koeck
Dealing with deposits to boost engine life

Valvoline didn’t think an engine oil that removed deposits was possible … until they did it.

Valvoline-Restore-protect-oil-medium-duty-testing
The next steps for autonomous trucks

What’s next for autonomous trucks, and where do we stand?

on-the-road-autonomous
Focus on EPA GHG Phase 3 emissions regulations

This isn’t just another round of stricter diesel engine emissions.

EPA-GHG-diesel-Engine-Emissions-1400