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"Bringing Goodyear and Cooper together is expected to strengthen Goodyear’s leading position in the global tyre industry, especially in the US and China. New Delhi: Goodyear Tire &amp; Rubber Company has completed its acquisition of Cooper Tire &amp; Rubber Company, finalising the merger agreement made public on February 22, 2021. The combination unites two leading tyre companies with complementary product portfolios, services and capabilities to create a stronger US-based leader in the global tyre 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 tyres, Goodyear said in a release on Monday.“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,” Richard J Kramer, Goodyear chairman, chief executive officer and president, said.Bringing Goodyear and Cooper together is expected to strengthen Goodyear’s leading position in the global tyre industry, especially in the US and China. It will combine two complementary brand portfolios with a comprehensive offering across the value spectrum, and provide significant, immediate and long-term financial benefits. The combination is expected to generate a net present value of USD450 million or more by utilising Goodyear’s available US tax attributes, the release said.The coming together of the two companies is also expected to create additional value from manufacturing and distribution and to increase scale to support investments in new mobility and fleet solutions.“As an industry leader in the US, the combined company will offer tyre products and a broad selection of services through Goodyear’s relationships with traditional and emerging original equipment manufacturers; autonomous driving system developers; new and established fleet operators; and other mobility platforms. With complimentary business models, organisational structures and distribution channels, Goodyear will integrate the best of Goodyear and Cooper to benefit its shareholders, customers, consumers and employees,” the release added.Follow and connect with us on Twitter, Facebook, Linkedin, Youtube"
<https://auto.economictimes.indiatimes.com/news/tyres/goodyear-completes-acquisition-of-cooper-tire-rubber-company/83310306>