AKRON — Now that the $2.5 billion deal to purchase Cooper Tire and & Rubber Co. has been completed, what is next for the combined company?
The answer is still to be determined, according to Rich Kramer, Goodyear chairman, CEO and president.
In a video posted on Goodyear's channel on LinkedIn, Mr. Kramer said integration is "ongoing and will take some time yet to come together. Many specifics are still to be determined ..."
But he did list three items will remain unchanged for the rest of 2021:
- Existing strategies for the brands, product portfolios, programs and promotions;
- Goodyear and Cooper production launches will remain on track; and
- In the near term, the plan for the "combined manufacturing footprint" will stay the same.
In addition, Goodyear stressed that distribution will remain the same in the short-term.
"As we begin this new chapter, we have positive momentum and tremendous support from our stakeholders," Mr. Kramer said. "Our team is positioned to lead the industry in a way neither of us could have done on our own. And we have an historic opportunity in front of us. That opportunity is the chance to be the leading tire company in an evolving world of new mobility."
The deal unites two, 100-year-old-plus, Ohio-based companies — Goodyear, based in Akron is 123 years old; and Cooper, based in Findlay, Ohio, is 107 years old.