AKRON — Goodyear has officially closed the deal to purchase the Cooper Tire & Rubber Co.
The companies announced the finalizing of the merger agreement Monday morning, after agreeing to the $2.5 billion cash-and-stock purchase on Feb. 22.
The combination brings together the worlds No. 3 tire maker, with global sales of $13.7 billion in 2019, with Cooper, with the No. 13 tire maker with $2.8 billion.
"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.
Goodyear said 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.
According to the Akron-based tire maker, the acquisition further strengthens Goodyear's position in the U.S., while significantly growing its position in other North American markets.