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Akron-based Goodyear acquires Findlay-based Cooper Tire in $2.5 billion deal
News 5 Cleveland.
and last updated 2021-02-22 15:02:44-05
AKRON, Ohio â The Goodyear Tire & Rubber Company headquartered in Akron has agreed to purchase Findlay-based Cooper Tire and Rubber Company, a deal valued at $2.5 billion, the companies announced Monday.
According to Goodyear, the transaction will expand the Akron rubber tire markerâs product offering and also create a âstronger U.S.-based manufacturer with increased presence in distribution and retail channels while combining both companiesâ strengths in highly profitable light trucks and SUV product segments.
âThis is an exciting and transformational day for our companies,â said Richard J. Kramer, Goodyear chairman, chief executive officer and president, in a news release. âThe addition of Cooperâs complementary tire product portfolio and highly capable manufacturing assets, coupled with Goodyearâs