Skip to main content
Sister Publication Links
  • Automotive News
  • Rubber News
  • European Rubber Journal
Subscribe
  • Login
  • Register
  • Subscribe
  • Current Issue
  • Global Tire Report
    • ADAS
    • MID YEAR REPORT
    • TIRE MAKERS
    • COMMERCIAL TIRE
    • GOVERNMENT & LAW
    • MERGERS & ACQUISITIONS
    • OPINION
    • SERVICE ZONE
    • BEST PLACES TO WORK
    • OBITUARIES
  • HUMANITARIAN
  • Data
    • DATA STORE
  • Custom
    • SPONSORED CONTENT
  • Resources
    • ADVERTISE
    • Events
    • AWARDS
    • CLASSIFIEDS
    • DIRECTORY
    • SHOP FLOOR
    • ASK THE EXPERT
    • LIVESTREAMS
    • WEBINARS
    • SEMA LIVESTREAMS
    • RUBBER NEWS EVENTS
    • Best Places to Work
    • BALANCING
    • DEMOUNTING
    • SAFETY
    • TIRE REPAIR
    • TPMS
    • TRAINING
    • VEHICLE LIFTING
    • WHEEL TORQUE
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
June 07, 2021 11:20 AM

Goodyear's Kramer addresses future of new company

Don Detore
  • Tweet
  • Share
  • Share
  • Email
  • More

    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.

    Originally forecast to close in the fourth quarter, the deal closed less than four months after it originally was announced.

    In his four minute, 36-second video, Mr. Kramer said the deal "marks the latest exciting milestone, and one of the most significant in our lifetimes" for Goodyear.

    He said the merger "unites "our shared focus on customers, innovations and high-quality products and solutions. This combination strengthens Goodyear's ability to serve more consumers globally and provides increased scale to support our greater investments in new mobility and fleet solutions.

    "The completed acquisition creates a combined company that offers many important benefits to all who choose our products."

    Mr. Kramer noted the merger will provide three immediate benefits:

    • It provides comprehensive offering of high quality brands across the "value spectrum."
    • It doubles Goodyear's presence in China and significantly enhances the tire maker's reach in North America, creating more distribution for Cooper products through Goodyear's 2,500 branded retail stores; and
    • It combines "Goodyear's original equipment and premium replacement tires, along with the mid-tier power of the Cooper brand," Mr. Kramer said, "which has particular strength in the light truck and SUV segments."
    Related Article
    It's official: Goodyear purchases Cooper

    Mr. Kramer said Goodyear will build "relationships with consumers, by providing what they need and making it easy to choose our brands; with customers by helping them build their businesses, so we can win together; with our associates, by engaging and enabling them to safely reach their full potential; and with our communities, by helping them improve the lives of our neighbors where we live and work."

    From a financial perspective, Mr. Kramer said the transaction provides "significant" immediate and long-term benefits, providing the opportunity for increased sales and earnings, a more robust balance sheet and enhanced efficiencies.

    "The greater scale of our business will support investments in new mobility and fleet services," Mr. Kramer said. "Our company will offer tire products and broad selection of services through Goodyear relationships with traditional and emerging original equipment manufacturers, with autonomous driving developers, with new and established fleet operators and with other mobility platforms."

    Mr. Kramer said the pairing brings together two teams that share a commitment to integrity, quality, agility, customer service and teamwork.

    "Simply put: We will be an even stronger business, setting the pace in the industry with the ability to grow faster and expand further," he said.

    "Each company is fortunate to have talented and dedicated associates. By joining forces, we will infuse the company with terrific talent through a best-of-both worlds approach to integration. "

    Mr. Kramer closed his talk by welcoming Cooper's team to the Goodyear umbrella.

    "We're excited to welcome all of our Cooper associates to the Goodyear team," he said, "and we look forward to what we can accomplish together."

    Letter
    to the
    Editor

    Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Tire Business would love to hear from you. Email your letter to Editor Don Detore at [email protected].

    Most Popular
    1
    UPDATE: ITC to proceed with Thai truck tire dumping case
    2
    Tire Business ranks the Top 75 Tire Makers of 2023
    3
    Analyst: Now is a good time for Goodyear to divest assets
    4
    Goodyear names Joe Burke VP of commercial unit
    5
    Les Schwab, Discount Tire crack top 10 in customer service list
    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Newsletter Center

    Staying current is easy with Tire Business delivered straight to your inbox.

    SUBSCRIBE TODAY

    Subscribe to Tire Business

    SUBSCRIBE
    Connect with Us
    • Facebook
    • LinkedIn
    • Twitter
    • Instagram
    • RSS

    Our Mission

    Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries.

    Reader Services
    • Staff
    • About Us
    • Site Map
    • Industry Sites
    • Order Reprints
    • Customer Service: 877-320-1716
    Partner Sites
    • Rubber News
    • European Rubber Journal
    • Automotive News
    • Plastics News
    • Urethanes Technology
    RESOURCES
    • Advertise
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Media Guide
    • Editorial Calendar
    • Classified Rates
    • Digital Edition
    • Careers
    • Ad Choices
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • Global Tire Report
      • ADAS
      • MID YEAR REPORT
      • TIRE MAKERS
      • COMMERCIAL TIRE
      • GOVERNMENT & LAW
      • MERGERS & ACQUISITIONS
      • OPINION
      • SERVICE ZONE
      • BEST PLACES TO WORK
      • OBITUARIES
    • HUMANITARIAN
    • Data
      • DATA STORE
    • Custom
      • SPONSORED CONTENT
    • Resources
      • ADVERTISE
      • Events
        • ASK THE EXPERT
        • LIVESTREAMS
        • WEBINARS
        • SEMA LIVESTREAMS
        • RUBBER NEWS EVENTS
      • AWARDS
        • Best Places to Work
      • CLASSIFIEDS
      • DIRECTORY
      • SHOP FLOOR
        • BALANCING
        • DEMOUNTING
        • SAFETY
        • TIRE REPAIR
        • TPMS
        • TRAINING
        • VEHICLE LIFTING
        • WHEEL TORQUE
    • DIGITAL EDITION