Goodyear gains momentum as markets recover
Goodyear gains momentum as markets recover
DAVID MANLEY/TIRE BUSINESS
Goodyear chairman, CEO and president Rich Kramer
Akron-based Goodyear Tire & Rubber Co. (Nasdaq: GT) believes it is on solid footing for the second quarter after experiencing strong aftermarket growth to start the year and despite the continuing impact of the pandemic and looming price increases.
Among the reasons for optimism: Replacement sales are blooming, commercial sales are strong, demand for Goodyear.com is rising, and Walmart Inc. s auto service locations are returning to service. As the markets recover, we re feeling a level of momentum we haven t felt in some time, said Rich Kramer, Goodyear chairman, president and CEO. We have a strong lineup of products. Following action to further improve our distribution, our ability to reach customers has never been better.
AKRON Goodyear has reached an agreement to buy Cooper Tire & Rubber Co. for $2.5 billion.
Akron-based Goodyear, the No. 3 tire maker worldwide with $13.7 billion in sales in 2019, said Monday that it had entered an agreement to purchase Findlay,Ohio-based Cooper Tire, and that the purchase…
AKRON Goodyear has reached an agreement to buy Cooper Tire & Rubber Co. for $2.5 billion.
Akron-based Goodyear, the No. 3 tire maker worldwide with $13.7 billion in sales in 2019, said Monday that it had entered an agreement to purchase Findlay,Ohio-based Cooper Tire, and that the purchase had been approved by the Board of Directors of both companies.
Cooper ranks as the No. 13 tire maker globally, with 2019 sales of $2.75 billion.
In a news release issued before the opening of business on Feb. 22, Goodyear said the combined company will have approximately $17.5 billion in sales, based on 2019 figures.
Under terms of the agreement, Cooper shareholders will receive $41.75 per share in cash and a fixed exchange ration of 0.907 shares of Goodyear common stock per Cooper share. Goodyear said the the implied cash and stock value that Cooper shareholders will receive is $54.36 per share, representing a 24 percent premium on Cooper stock, based on the close of business Feb. 19.
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