The Goodyear Tire & Rubber Company has acquired Cooper Tire & Rubber Company in a transaction with a total enterprise value of approximately $2.5 billion. Goodyear aims to expand its product offering by combining two portfolios of complementary brands. It also expects the purchase to create a stronger U.S.-based manufacturer with increased presence in distribution and retail channels while combining both companies’ focus on the light truck and SUV product segments.
“This is an exciting and transformational day for our companies,” said Richard J. Kramer, Goodyear chairman, chief executive officer and president. “The addition of Cooper’s complementary tire product portfolio and highly capable manufacturing assets, coupled with Goodyear’s technology and industry leading distribution, provides the combined company with opportunities for improved cost efficiency and a broader offering for both companies’ retailer networks. We are confident this combination will enable us to provide enhanced service for our customers and consumers while delivering value for shareholders. We have a great deal of respect for Cooper’s team and share a commitment to integrity, quality, agility and teamwork. We look forward to welcoming Cooper to the Goodyear family.”
Jones Day served as advisor to Cooper Tire & Rubber Company.