Six months after it first announced that it would be buying Cooper Tire & Rubber Company (Cooper Tires), Goodyear has completed its acquisition of its fellow American tire maker. The combined tire company unites two leading tire companies with complementary product portfolios, services, and capabilities giving consumers a broader spectrum of choices.
Aside from the Cooper brand, Cooper Tires also owns brands such as Avon, Mastercraft, Mickey Thompson, Roadmaster, and Starfire. For its part, Goodyear owns brands such as Dunlop, Kelly, and Fulda.
“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.
The merger is expected to strengthen Goodyear’s leading position in the tire industry, and will also broaden the distribution for Cooper replacement tires through Goodyear’s branded retail stores.
In terms of positioning, Goodyear will occupy the OE (original equipment) and premium replacement tire space, while Cooper will settle in the light truck and SUV segments.
With complementary business models, organizational structures, and distribution channels, Goodyear will integrate the best of Goodyear and Cooper in order to benefit its shareholders, customers, consumers, and employees.
As a result of the closing, Cooper’s common stock will cease to be traded on the New York Stock Exchange.
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