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Cooper Tire

Goodyear, Cooper Tire to Join Forces

February 22, 2021 by admin Leave a Comment

Ohio rivals will merge later this year.

The American tire industry isn’t the powerhouse it once was, but there are a few companies left that still leave a strong impression on the market. One of these, the Goodyear Tire & Rubber Company, is solidifying its place in the market, by purchasing an American rival, Cooper Tire. The deal is worth $2.5 billion and is expected to close in the second half of 2021.


A Goodyear Eagle tire on a NASCAR racer.

Ohio Companies to Merge

Goodyear, founded in Akron, Ohio, in 1898 and Cooper Tire, launched in 1914 in Findlay, Ohio, are the two largest U.S.-based tire companies. Goodyear is ranked No. 3 in the world and Cooper comes in at No. 13. Together, the two will battle Bridgestone and Michelin for global leadership, followed by Continental, Sumitomo, and Hankook, among others.

For Goodyear, it will double its presence in Cooper Tire, which also makes the Mickey Thompson, Roadmaster, and Mastercraft brands. Cooper will gain access to Goodyear’s retail locations. Together, the two companies had combined sales of $19.5 billion in 2019. The merger is expected to save Goodyear $165 million within two years of closing as well as release cash in tax savings.

Besides the Cooper brands, Goodyear controls the Dunlop and Kelly brands.

Goodyear, Cooper Execs Speak Out

“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.”

Kramer added, “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.”

Brad Hughes, Cooper president & chief executive officer, added, “Cooper has transformed into a dynamic, consumer-driven organization that has balanced traditional and emerging channels to increase demand for our products, while updating and effectively leveraging our global manufacturing footprint. I am extremely proud of what our team has accomplished over the past 107 years and am grateful to our talented employees for their contributions and commitment. This transaction marks the start of a new chapter for Cooper, which we are entering from a position of strength. We believe that it represents an attractive opportunity to maximize value for our shareholders, who will receive a meaningful premium as well as the opportunity to participate in the upside of the combined company. We look forward to the opportunity to combine Cooper’s considerable talents with Goodyear’s, and to be part of a bigger, stronger organization that will be competitively well-positioned to win in the global tire industry.”

Approvals Needed

Besides receiving regulatory approval, Cooper shareholders must approve a cash and stock trade agreement that is worth $54.36 per share or 24 percent more than the company’s closing price on February 19, 2021. That’s also a 36-percent premium based on Cooper’s weighted 30-day average ending Feb. 19. When the deal is complete, Goodyear shareholders will own 84 percent of the combined entity and Cooper shareholders will retain about 16 percent.

Once the merger has been completed, Goodyear will maintain its headquarters in Akron. At the same time, it promises to keep a presence in Findlay. Some 10,000 Cooper employees in 15 countries will be affected. No job losses resulting from the consolidation have been announced. However, mergers typically yield cutbacks on both the white- and blue-collar levels.


See Also — Apollo Tyres to Acquire Cooper Tires (never happened)

Photo copyright Eric Lewis. All rights reserved.

Filed Under: Automotive News Tagged With: Cooper Tire, Dunlop, Goodyear Tire, Kelly Tire, Mastercraft, MERGER, Mickey Thompson, Roadmaster

Apollo Tyres to Acquire Cooper Tires

June 13, 2013 by admin 1 Comment

Please note that Cooper Tire canceled the acquisition in Dec. 2013.

Cooper Tire & Rubber Company, based in Findlay, Ohio, says that it is being acquired by India’s Apollo Tyres. The two companies announced a definitive merger agreement on Wednesday, with the combined entity representing the seventh-largest tire company in the world. Cooper was founded in 1914 while Apollo is a relative newcomer created in 1976.

Indian Tire Manufacturer

Apollo, unknown in the United States, builds performance and mid-tier tires for Asian and other markets. Its eponymous and Vredestein brands lead its tire line while Cooper Tire is also known for its Avon, Roadmaster, Starfire, Chengshan and Mastercraft brand. Cooper is also an important supplier to Sears stores.

Apollo Tyres Cooper TiresWith a combined sales of $6.6 billion, the merged company is rated seventh behind Bridgestone, Michelin, Goodyear, Mainland, Pirelli and Sumitomo. Cooper Tire was ranked No. 10 in 2012 and Apollo came in at No. 16 according to the Global Rubber Markets website.

Apollo Tyres

Apollo is led by Onkar S. Kanwar, Past President of the Federation of Indian Chambers of Commerce and Industry (FICCI). He currently serves as President for the Indian Rubber Manufacturers Research Association. Kanwar, a graduate of the University of California, has expanded Apollo beyond Asia to Europe and Africa, acquiring other companies along the way. Apollo operates four manufacturing plants each in India and South Africa and also has a plant in the Netherlands.

Said Kanwar, The combined company will be uniquely positioned to address large, established markets, such as the United States and the European Union, as well as the fast-growing markets of India, China, Africa, and Latin America where there is significant potential for further growth. Our combined portfolio of brands and products will be amongst the most comprehensive in the industry.

Cooper Tires

The merger is expected to be completed later this year pending regulatory and shareholder approval. The boards of the two companies unanimously agreed to the merger which will pay Cooper shareholders $35 per share or 40 percent above the weighted average for the past 30 days. The all-cash transaction will cost approximately $3.5 billion.

With Cooper Tire slated to transfer into Indian hands, Goodyear will be the sole major American-owned tire manufacturer. Brands such as Firestone, General Tire, Uniroyal and BF Goodrich are still around, but are now owned by an assortment of Asian and European corporations. Cooper Tire & Rubber Company employs more than 13,000 people worldwide and has a 14 percent share of the US tire replacement market.

Further Reading

How to Buy New Tires For Your Car

Hankook Tire: No Longer Anonymous

Summer Tires for the Ultimate in Driving Performance

Filed Under: Automotive News Tagged With: Apollo Tyres, Cooper Tire, India, MERGER, OHIO, UNITED STATES

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