Cooper to buy Hercules' retread division
Cooper Tire & Rubber Co. is buying Hercules Tire & Rubber Co.'s retreading assets.
The deal, which is not expected to exceed $8.5 million, should be finalized by June 30.
The purchase includes certain Hercules molds, a press and the company's finished goods retread inventory, according to Cooper officials, but no facilities.
Cooper will assume all of Hercules' retread customers via its Oliver Retreading Systems unit when the deal closes but will not keep the Hercules brand name "in the long-term. We don't know how soon an alternate name will be chosen."
"We believe our dealers will be in good hands," says Hercules President and CEO Craig Anderson.
The Hercules acquisition will give Cooper 16% of the domestic retread market, according to Modern Tire Dealer statistics.