Yokohama Rubber Co. officially completed its $1.17 billion acquisition of Alliance Tire Group on July 1. Toru Kobayashi, former assistant to YRC president Hikomitsu Noji, has been appointed Alliance Tire Group chairman.
The acquisition will help Yokohama expand its commercial tire business and give the tiremaker access to ag and forestry tire manufacturing – two tire segments the tiremaker does not currently manufacture. The purchase of ATG will also increase Yokohama’s product offerings, the tiremaker said.
Yokohama said it will include ATG in its consolidated accounts from the third quarter of fiscal year 2016 (ending December 31, 2016) and the expected impact on the full-year consolidated financial statements will be announced soon.
The Japanese tiremaker first announced its plans to acquire ATG on March 25, 2016, after reaching an agreement with the global investment firm KKR and other concerned parties to purchase all of the shares of Alliance Tire Group.
In May, Yokohama received approval from the Competition Commission of India to acquire ATG – a relevant approval as both companies do business in India.