Business
Goodyear Completes Acquisition of Cooper
- Strengthens Leadership Position in Global Tire Industry - Combines Two Complementary Brand Portfolios with a Comprehensive Offering Across the Value
About this update from The Goodyear Tire & Rubber Company
[{"type":"text","content":"- Strengthens Leadership Position in Global Tire Industry\n - Combines Two Complementary Brand Portfolios with a Comprehensive Offering Across the Value Spectrum\n - Provides Significant, Immediate and Long-Term Financial Benefits\n - Opportunity to Create Additional Value from Manufacturing and Distribution\n - Increases Scale to Support Investments in New Mobility and Fleet Solutions\n\n\nAKRON, Ohio, June 7, 2021 /PRNewswire/ -- The Goodyear Tire & Rubber Company (Nasdaq: GT) today announced that it has completed its acquisition of Cooper Tire & Rubber Company, finalizing the merger agreement made public on February 22. The combination unites two leading tire companies with complementary product portfolios, services and capabilities to create a stronger U.S.-based leader in the global tire industry. The combined company will offer more options across the value spectrum making it easier for customers and consumers to choose Goodyear- and Cooper-branded tires.\n\n \n \n \n \n \n \n\n \n\"We are excited to officially bring Goodyear and Cooper together and unite our shared focus on customers, innovation and high-quality products and solutions. This combination strengthens Goodyear's ability to serve more consumers globally and provides increased scale to support greater investments in new mobility and fleet solutions,\" said Richard J. Kramer, Goodyear chairman, chief executive officer and president.\n\n Bringing Goodyear and Cooper together is expected to:\n\n \n \n Strengthen Goodyear's Leading Position in Global Tire Industry. The acquisition further strengthens Goodyear's leading position in the U.S., while significantly growing its position in other North American markets. In China, the combination nearly doubles Goodyear's presence and increases the number of relationships with local automakers, while creating broader distribution for Cooper replacement tires through Goodyear's network of 2,500 branded retail stores.\n \n Combine Two Complementary Brand Portfolios with a Comprehensive Offering across the Value Spectrum. The combined company will have the opportunity to leverage the strength of Goodyear original equipment and premium replacement tires, along with the mid-tier power of the Cooper brand, which has particular strength in the light truck and SUV segments.\n \n Provide Significant, Immediate and Long-Term Financi...