Print
AKRON When Goodyear made its initial inquiry combining the top two U.S.-based tire manufacturers, situated 132 miles apart, both with a century of history behind them executives at Cooper Tire & Rubber Co. said they felt comfortable with their company’s current trajectory.
“We were feeling quite good about the strategy and direction of the company,” Cooper CEO and President Bradley Hughes said.
Once serious talks commenced, Mr. Hughes said it became clear Goodyear’s offer to purchase Cooper for $2.5 billion in a cash and stock deal was the right one for two reasons.
“Ultimately we needed to represent our shareholders, and Goodyear, first of all, presented a very compelling offer for the company,” Mr. Hughes said, “and secondly, very compelling strategic logic . really positions the combined entity to be successful going forward.”
Goodyear history1898 — Frank Seiberling borrows $3,500 from his brother-in-law Lucius Miles for the down payment on an abandoned strawboard factory on the banks of the Little Cuyahoga River in Akron, founding Goodyear Tire & Rubber Co. in honor of Charles Goodyear, the man credited with…
Timeline: Goodyear and Cooper Tire tirebusiness.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tirebusiness.com Daily Mail and Mail on Sunday newspapers.