Goodyear completes purchase of Cooper Tire

The Goodyear Tire & Rubber Co. announced Monday that it has completed its purchase of Cooper Tire & Rubber Co., finalizing the deal first reported in February. The combination unites two leading tire companies with complementary product portfolios, services and capabilities to create a stronger U.S.-based leader in the global tire industry, Goodyear reported. "This combination strengthens Goodyear's ability to serve more consumers globally and provides increased scale to support greater investments in new mobility and fleet solutions," said Richard J. Kramer, Goodyear chairman and chief executive officer. Bringing Goodyear and Cooper together is expected to strengthen Goodyear's position in the global tire industry, the company reported. The acquisition of Cooper further strengthens Goodyear's leading position in the United States, while significantly growing its position in other North American markets. In China, the combination nearly doubles Goodyear's presence and increases the number of relationships with local automakers, while creating broader distribution for Cooper replacement tires through Goodyear's network of 2,500 branded retail stores. In addition, the combined company will have the strength of Goodyear's original equipment and premium replacement tires, along with the mid-tier power of the Cooper brand, which has particular strength in the light truck and SUV segments, Goodyear reported. The combining of the two companies will also allow operating efficiencies.