Goodyear, Arkansas Best complete Wingfoot transaction
Goodyear Tire & Rubber Co. now owns 100% of Wingfoot Commercial Tire Systems LLC after completing its acquisition of 19% ownership interest from former Treadco Inc. parent company Arkansas Best Corp.
Goodyear paid $71.3 million in cash for Arkansas Best's shares this morning.
Arkansas Best will use proceeds to help reduce its debt.
The Fort Smith, Ark.-based firm recently announced it was exercising a clause in its Wingfoot contract with Goodyear to sell the stocks back to the Akron, Ohio-based tiremaker.
The companies formed Wingfoot as a joint venture in fall 2000.
Wingfoot is the largest retreader in the United States, according to Modern Tire Dealer statistics.