Yokohama Corporation of North America (YCNA) and Southern Tire Mart (STM) have agreed to terms to transfer the ownership of Friend Tire Company’s (FTC) assets to STM. FTC is a wholly-owned subsidiary of YCNA.
This agreement was finalized on April 1, Yokohama said. Sales of the Yokohama brand through Friend Tire have been transferred to Southern Tire Mart and include all the rights and access that were afforded to Friend Tire, the company said.
“Yokohama and Southern Tire Mart have enjoyed a long-term relationship in the U.S. market,” said Jeff Barna, president and CEO of Yokohama Tire Corporation. “We are proud to have completed this agreement with a trusted partner and one that is certain to improve upon Friend Tire’s legacy.”
“Yokohama has been a long-standing, valued partner,” said Southern Tire Mart Co-owner Jim Duff. “We’ve known about Friend Tire’s solid reputation for a long time, and this agreement will definitely help expand our strategic footprint.”