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Goodyear Discloses 3Q Cooper Brand Sales Totals

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KEYWORDS Cooper Goodyear

Goodyear Tire & Rubber Co., which acquired Cooper Tire & Rubber Co. this past June, now expects a "benefit of $250 million in run-rate synergies by mid-2023," more than it originally projected.

Sales of Cooper brand tires during the third quarter of 2021 totaled $907 million, according to Goodyear Tire & Rubber Co. officials. 

Goodyear acquired Cooper this past June.

Addressing the issue of savings, Goodyear now expects a "benefit of $250 million in run-rate synergies by mid-2023" as part of the acquisition, an increase from the $165 million that was originally projected when the transaction was first announced during the first quarter of 2021.

Goodyear expects to realize $20 million in savings during this year alone.

The Goodyear-Cooper deal is expected to generate "net present value of $450 million or more by utilizing Goodyear's available U.S. tax attributes," which are projected to generate "additional cash flow."

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