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Goodyear to Acquire Cooper Tire – Operations

Goodyear to Acquire Cooper Tire – Operations

by admin
February 23, 2021
in Auto News
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After closing in the second half of the year, the combined tire company will be headquartered in Akron, Ohio. - Photo: Goodyear

After closing within the second half of the 12 months, the mixed tire firm can be headquartered in Akron, Ohio.

Photograph: Goodyear

The Goodyear Tire & Rubber Co. has entered right into a definitive transaction settlement to amass Cooper Tire & Rubber Co. in a deal valued at about $2.8 billion. The transaction, topic to customary closing situations, is anticipated to shut within the second half of the 12 months.

The acquisition will broaden Goodyear’s product providing by combining two portfolios of complementary manufacturers. It’ll additionally create a stronger U.S.-based producer with elevated presence in distribution and retail channels whereas combining each firms’ strengths within the gentle truck and SUV product segments, Goodyear officers mentioned in a press launch.

Copper’s firm portfolio of manufacturers consists of Cooper, Mastercraft, Roadmaster and Mickey Thompson.

“The addition of Cooper’s complementary tire product portfolio and extremely succesful manufacturing property, coupled with Goodyear’s know-how and business main distribution, offers the mixed firm with alternatives for improved price effectivity and a broader providing for each firms’ retailer networks,” mentioned Richard Kramer, Goodyear chairman, chief govt officer and president

After closing, the mixed firm can be headquartered in Akron, Ohio, however Goodyear expects to keep up a presence in Findlay, Ohio.

The businesses are getting ready for integration centered on continuity of producing, operations and customer support, firm officers mentioned.

The mixed firm may have roughly $17.5 billion in professional forma 2019 gross sales.

Underneath the phrases of the transaction, Cooper shareholders will obtain $41.75 per share in money and a hard and fast alternate ratio of 0.907 shares of Goodyear widespread inventory per Cooper share for a complete fairness worth of roughly $2.8 billion. Based mostly on Goodyear’s closing inventory value on February 19, the final buying and selling day previous to the announcement, the implied money and inventory consideration to be obtained by Cooper shareholders is $54.36 per share. Upon closing of the transaction, Goodyear shareholders will personal roughly 84% of the mixed firm, and Cooper shareholders will personal roughly 16%.

Initially posted on Trucking Information



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Tags: acquireCooperGoodyearOperationsTire

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