Coast Tire Buys Out Goodyear's Share in its Ownership
Canadian Dealership is Now 100% Independently Owned
Saint John, New Brunswick-based Coast Tire & Auto Service is now 100% independently owned, having acquired 49% of its remaining shares from Goodyear Tire & Rubber Co.
Terms of the deal have not been disclosed.
The 26-store dealership's ownership team includes Ron Outerbridge, its president and CEO; John Correia, Coast Tire's vice president of sales and marketing; Peter Coleman, vice president of finance and administration; and Gary Mott, director of retail operations.
"This strategic vision has been the plan for our company for several years," says Outerbridge, who adds that Coast Tire's employees "have been instrumental in growing" the company's business in the Maritimes provinces of Canada.
Coast Tire - which sells both consumer and commercial tires - has locations in New Brunswick, Nova Scotia and Prince Edward Island, plus a truck tire retread plant and wheel refinishing facility in Moncton, New Brunswick.
"Being a locally owned business has always been important to us and our employees have driven our success."
"This new phase of business opens opportunities to expand our product and service offerings and expand the retail and commercial service business," says Correia.