The Goodyear Tire & Rubber Company announced Monday it has completed its acquisition of Cooper Tire & Rubber Company, finalizing the merger agreement made public on February 22.
Goodyear says 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. The combined company will offer more options across the value spectrum making it easier for customers and consumers to choose Goodyear- and Cooper-branded tires, Goodyear adds.
“We are excited to officially bring Goodyear and Cooper together and unite our shared focus on customers, innovation and high-quality products and solutions. 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,” says Richard J. Kramer, Goodyear chairman, president and CEO.
With complementary business models, organizational structures and distribution channels, Goodyear says it will integrate the best of Goodyear and Cooper in order to benefit its shareholders, customers, consumers and employees.
As a result of the closing, Cooper’s common stock will cease to be traded on the New York Stock Exchange.