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(Reuters) - Goodyear Tire & Rubber Co said it would buy Cooper Tire & Rubber Co in a $2.8 billion deal to beef up its portfolio in the high-margin light truck and SUV segments and strengthen its presence in North America and China.
FILE PHOTO: The Goodyear Tire and Rubber Co. company logo is seen in Westminster, Colorado August 27, 2013. REUTERS/Rick Wilking
Shares of Cooper, which has historically had stronger margins than Goodyear, jumped 20% in morning trade while Goodyear stock was up 3.4%.
The deal, announced on Monday, nearly doubles Goodyear’s presence in China and broadens distribution for Cooper replacement tires through Goodyear’s network of 2,500 retail stores in the country. U.S. and China, the two largest tire markets in the world, account for about one-third of global industry volume.
Goodyear to buy Texarkana-based Cooper Tire & Rubber Company in $2.5 billion deal Goodyear Wingfoot 3 Blimp July 2019 (Source: KSWO) By Fred Gamble | February 22, 2021 at 1:26 PM CST - Updated February 23 at 2:23 AM
TEXARKANA (KSLA) - Since 1964, Cooper Tire & Rubber Company has been associated with Texarkana, but as of Monday, Feb. 22, work there will continue, but in the near future, the name will be different.
Representatives with United Steelworkers Union met in a scheduled meeting Monday morning to finalize a collective bargaining agreement with Cooper Tire & Rubber Company. Before the meeting began, Union President Kerry Halter received a surprise announcement from corporate headquarters.
“It threw us a curve ball. We are not sure what that entails. Sometime it’s good news, sometime it’s bad,” said Halter.