Sales of Cooper brand tires during 2021 contributed $2.1 billion to Goodyear Tire & Rubber Co.'s full-year results. Goodyear sold $963 million worth of Cooper brand tires during the fourth quarter of 2021.
The whole tire industry is waiting to see what happens next as Goodyear Tire & Rubber Co. integrates the Cooper Tire & Rubber Co. business into its portfolio. One thing John Healy knows is that Goodyear has found even more savings than the $165 million the tiremaker initially expected to realize.
Goodyear Tire & Rubber Co.'s Cooper brand maintained its front-and-center booth at the 2021 Specialty Equipment Market Association Show and among the tires on display is the brand’s newest release, the Discoverer Rugged Trek for light trucks and SUVs.
Even though the integration isn't complete, Goodyear Tire & Rubber Co. Chairman, CEO and President Rich Kramer outlined three details that are critical to Goodyear and Cooper tire dealers about what to expect from the combined companies in 2021.
Cooper Tire & Rubber Co. has opened a new, one million-square-foot distribution center in Whiteland, Ind. The facility "will provide Cooper with additional capacity for product storage and a modern design for optimizing operations."
50/50 Women on Boards has recognized Cooper Tire & Rubber Co. as a “3+” company for having three or more women on its corporate board of directors. With three female board members, about one-third of Cooper’s board seats are held by women.
The Goodyear-Cooper deal has cleared another regulatory hurdle, and at the same time Goodyear Tire & Rubber Co. says it will offer $1.45 billion in senior notes to fund the cash portion of the acquisition.
The new Discoverer Rugged Trek from Cooper Tire & Rubber Co. is an all-season tire "made for off-road adventuring, while offering outstanding on-road performance for everyday use," according to Cooper officials.
Goodyear Tire & Rubber Co.'s acquisition of Cooper Tire & Rubber Co. is expected to finalize during the second half of 2021, as originally projected, according to Cooper President and CEO Brad Hughes. "However, the transaction could close earlier."
Cooper Tire & Rubber Co. stockholders overwhelmingly voted to approve the agreement to merge with Goodyear Tire & Rubber Co. About 99% of Cooper shareholder votes were cast in favor of the transaction.