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 > Good Year buying out Cooper tires

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ACZL

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Posted: 02/23/21 08:32am Link  |  Quote  |  Print  |  Notify Moderator

Goodyear to Acquire Cooper Tire
February 22, 2021 • by Trucking Info Staff

After closing in the second half of the year, the combined tire company will be headquartered in Akron, Ohio. - Photo: Goodyear
After closing in the second half of the year, the combined tire company will be headquartered in Akron, Ohio.
Photo: Goodyear
The Goodyear Tire & Rubber Co. has entered into a definitive transaction agreement to acquire Cooper Tire & Rubber Co. in a deal valued at about $2.8 billion. The transaction, subject to customary closing conditions, is expected to close in the second half of the year.

The acquisition will expand Goodyear’s product offering by combining two portfolios of complementary brands. It will also create a stronger U.S.-based manufacturer with increased presence in distribution and retail channels while combining both companies’ strengths in the light truck and SUV product segments, Goodyear officials said in a press release.

Copper’s company portfolio of brands includes Cooper, Mastercraft, Roadmaster and Mickey Thompson.

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“The addition of Cooper’s complementary tire product portfolio and highly capable manufacturing assets, coupled with Goodyear’s technology and industry leading distribution, provides the combined company with opportunities for improved cost efficiency and a broader offering for both companies’ retailer networks,” said Richard Kramer, Goodyear chairman, chief executive officer and president

After closing, the combined company will be headquartered in Akron, Ohio, but Goodyear expects to maintain a presence in Findlay, Ohio.

The companies are preparing for integration focused on continuity of manufacturing, operations and customer service, company officials said.

The combined company will have approximately $17.5 billion in pro forma 2019 sales.

Under the terms of the transaction, Cooper shareholders will receive $41.75 per share in cash and a fixed exchange ratio of 0.907 shares of Goodyear common stock per Cooper share for a total equity value of approximately $2.8 billion. Based on Goodyear’s closing stock price on February 19, the last trading day prior to the announcement, the implied cash and stock consideration to be received by Cooper shareholders is $54.36 per share. Upon closing of the transaction, Goodyear shareholders will own approximately 84% of the combined company, and Cooper shareholders will own approximately 16%.


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Posted: 02/23/21 09:26am Link  |  Quote  |  Print  |  Notify Moderator

Less competition is never a good thing. Sorry to hear this.


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Posted: 02/23/21 10:08am Link  |  Quote  |  Print  |  Notify Moderator

Oh dear. Hope cooper quality does not suffer.

Marty

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Posted: 02/23/21 10:27am Link  |  Quote  |  Print  |  Notify Moderator

blt2ski wrote:

Oh dear. Hope cooper quality does not suffer.

Marty


Indeed. Put them on my truck, used them on the wife's car, quality tire but not insanely expensive.

But does this mean an end to those weird as hell Cooper commercials?

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Posted: 02/23/21 11:46am Link  |  Quote  |  Print  |  Notify Moderator

Cooper does have a very good reputation and their tires are good quality and good value for the price. There are also a lot of "house brand" tires that are made by cooper.

Personally I think they suffer from not being a large well known international brand and hence often get overlooked by people looking for quality tires.

Hope that only get better with the merger, not worse!


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Posted: 02/23/21 12:44pm Link  |  Quote  |  Print  |  Notify Moderator

Used to run Cooper on all my trucks/Broncos in the 1980's/1990's

Great tire---then!

After no longer FTng and time for new shoes I decided to not go with Michelin and get a set of Coopers

Hate them.......will not use Cooper again
They are NOT same Cooper as before
Can't see GY Improving them

On cold mornings they feel square until they Finally warm up then a bit better
They do NOT wear as well as the Michelins did
And had to have tire shop re-balance/rotate on rim/balance and try again
They had a tough time getting them balanced W/O hanging HUGE amounts of weights

Nope.....Cooper are NOT the same Coopers


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Posted: 02/25/21 07:29am Link  |  Quote  |  Print  |  Notify Moderator

Old-Biscuit wrote:

Used to run Cooper on all my trucks/Broncos in the 1980's/1990's

Great tire---then!

After no longer FTng and time for new shoes I decided to not go with Michelin and get a set of Coopers

Hate them.......will not use Cooper again
They are NOT same Cooper as before
Can't see GY Improving them

On cold mornings they feel square until they Finally warm up then a bit better
They do NOT wear as well as the Michelins did
And had to have tire shop re-balance/rotate on rim/balance and try again
They had a tough time getting them balanced W/O hanging HUGE amounts of weights

Nope.....Cooper are NOT the same Coopers


my experience with Cooper tires has been much the same, I've had sets on different cars and trucks and they have al left me disappointed with wear issues, trouble balancing and poor performance. I'll stick with other brands for now.


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Posted: 02/25/21 08:21am Link  |  Quote  |  Print  |  Notify Moderator

blt2ski wrote:

Oh dear. Hope cooper quality does not suffer.

Marty


Hopefully they won't use the same mold as the G614's [emoticon]

garyp4951

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Posted: 02/25/21 06:54pm Link  |  Quote  |  Print  |  Notify Moderator

I have Cooper tires on both of my vehicles, and will purchase them again.

1320Fastback

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Posted: 02/26/21 06:12pm Link  |  Quote  |  Print  |  Notify Moderator

I like Cooper tires. Have them on my Jetta and my old Mustang. I mounted and balanced them and they are first rate tires for sure. The hankook that came off the Jetta were really thin feeling compared to the coopers and the BFGs that were on the Mustang were 12 years old so they were just unsafe. Lol


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