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Goodyear buying Cooper Tires

Goodyear Tire & Rubber Co said it would buy Cooper Tire & Rubber Co in a $2.8 billion deal to beef up its portfolio in the high-margin light truck and SUV segments and strengthen its presence in North America and China.

The deal, announced on Monday, nearly doubles Goodyear’s presence in China and broadens distribution for Cooper replacement tires through Goodyear’s network of 2,500 retail stores in the country. U.S. and China, the two largest tire markets in the world, account for about one-third of global industry volume.

The combined company will also benefit from Goodyear’s original equipment and Cooper’s strength in the rapidly growing light truck and SUV product segments.

Reuters