The purchase price was set at $69 million in cash.

Cooper’s Oliver unit produces tread rubber and retreading equipment, and is headquartered in Findlay, Ohio.

The acquisition will be completed after necessary regulatory approvals, said MNA, and Oliver will operate as a subsidiary of MNA.

"Oliver’s manufacturing capacity, product portfolio and experienced workforce are a terrific complement to Michelin’s current retread operation," said Luc Minguet, COO MNA’s Michelin Americas Truck Tire. "We believe the two brands, managed according to Michelin’s strategic focus, will offer the North American trucking industry broader access to products and services to better meet their needs."

Cooper bought the formally independent Oliver Rubber Co. in the late 1990s, and added the retreading business of Hercules Tire & Rubber Co. in 2000.