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Michelin completes Oliver purchase ahead of schedule

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Michelin North America Inc. has completed its acquisition of Oliver Rubber Co. from Cooper Tire & Rubber Co. Oliver, which produces tread rubber and retreading equipment, will now operate as a Michelin subsidiary.

(See "Michelin to acquire Oliver Rubber Co. from Cooper," July 31, 2007.)

The United States Federal Trade Commission granted an early termination of the standard waiting period for the transaction, which included a cash purchase price of $69 million.

According to Michelin, this acquision complements its tread manufacturing capacity and extends, via the Oliver dealer network, the commercial reach of Michelin's services throughout North America's growing retreading market.

In 2005, Michelin announced a major expansion of its tread manufacturing facility in Covington, Ga. Earlier this year, the company opened a new tread manufacturing facility in Querétaro, Mexico.

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