Goodyear CEO: Cooper Tire Acquisition Strengthens Global Position

Goodyear CEO: Cooper Acquisition Strengthens Global Position

Richard Kramer, Goodyear chairman, president and CEO, said the acquisition of Cooper Tire will offer a wide list of brands, increase the company's scale and make Goodyear the U.S. leader as well as in a stronger position in other North American markets.

Richard Kramer, Goodyear chairman, president and CEO, issued a statement on Goodyear’s completed acquisition of Cooper Tire, which marks the combination of two global companies based in Ohio with histories of over 100 years.

“This combination strengthens Goodyear’s ability to serve more consumers globally and provides increased scale to support our greater investments in new mobility and fleet solutions,” said Kramer via a YouTube video on LinkedIn.

Goodyear’s acquisition of Cooper Tire will offer a wide list of brands and increase its scale, making Goodyear the U.S. leader as well as in a stronger position in other North American markets, said the company. The deal also doubles the brand’s presence in China and leverages the strength of Goodyear’s original equipment and replacement tires and Cooper’s mid-tier offering of light truck and SUV tire segments.

“The completed acquisition creates a combined company that offers many important benefits to all who choose our products,” Kramer said. “Together, Goodyear and Cooper will have a comprehensive offering of high-quality brands across the value spectrum.”

Kramer said this transaction is expected to provide significant immediate and long-term financial benefits due to the opportunity for increased sales and earnings, an improved balance sheet and enhanced cost efficiency.

Goodyear said the combination of the two companies will offer a broad range of services and tire products through Goodyear’s relationships with traditional and emerging equipment manufacturers, autonomous driving system developers, fleet operators and other mobility platforms.

“Simply put, we will be an even stronger business, setting the pace in the industry, with the ability to grow faster and expand further,” said Kramer.

Kramer added the aligned integration program is ongoing and will take time to come together.

For 2021, Kramer said both brands will continue their existing strategies, product portfolios, programs and promotions. The Goodyear and Cooper brands will also keep their new product launches on track and their combined manufacturing footprint as-is.

“As we begin this new chapter, we have positive momentum and tremendous support from our stakeholders. Our team is positioned to lead the tire industry in a way neither of us could have done on our own,” Kramer said. “And, we have a historic opportunity in front of us. That opportunity is a chance to be the leading tire company in an evolving world of new mobility.”

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