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Cooper shareholders approve Goodyear merger

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Cooper shareholders approve proposed merger with Goodyear Cooper Tire & Rubber Company’s stockholders have voted overwhelmingly to approve the planned merger with The Goodyear Tire & Rubber Company. The vote was held at a special meeting of Cooper stockholders today. Cooper reports that approximately 99 per cent of votes cast were in favour of the transaction. Read our coverage of Goodyear’s acquisition of Cooper here, or in our special 12-page e-paper supplement.

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Related news:

  1. Goodyear set to buy Cooper Tire for US$2.5 billion
  2. The Goodyear/Cooper combination’s synergies; global headquarters to be in Akron
  3. Fitch rating affirmation partially affirms Goodyear Cooper acquisition strategic logic
  4. Goodyear to regain number 3 global PCLT tyre volumes ranking – Astutus Research
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Bridgestone acquiring mining tyre management system supplier

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Bridgestone is to acquire the Otraco OTR tyre management solutions business from Downer EDI, continuing its growth strategy. The acquisition will be made by the number one tyre manufacturer’s group company, Bridgestone Mining Solutions Australia Pty. Ltd. Bridgestone said the acquisition will accelerate the growth of its global mining solutions business and expand the company’s service network in key markets such as Australia, Chile and South Africa. Bridgestone wants to complete the transaction, valued at 79 million Australian dollars (approximately £44 million), by the end of 2021.

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  1. Bridgestone secures FirstGroup global fleet partnership
  2. Bridgestone to supply Blizzak W810 winter tyre to Ocado van fleet year-round
  3. Compilator invests in fleet business with Inforoute acquisition
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ECP acquiring Liberty Tire Recycling

The largest player in the USA’S tyre recycling sector will soon have a new owner. Global investment firm The Carlyle Group has agreed to sell Liberty Tire Recycling to ECP, a 2005-founded investor across energy transition and decarbonisation infrastructure assets. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2021. The parties have not disclosed financial details.

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  1. US wholesaler expands in Canada
  2. ATD pays up to $365 million for Terry’s Tire Town
  3. Michelin acquires telematics provider NexTraq
  4. Camso acquires Metro businesses in the USA
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Kerr’s Tyres buys MW Tyres & Exhausts

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Northern Ireland-based Kerr’s Tyres Group has bought MW Tyres & Exhausts for an undisclosed sum. MW Tyres & Exhausts has been rebranded as MW Tyres & Auto and will now offer the 24/7 365 UK & Ireland coverage offered by Kerr’s Tyres Group. As a result of the acquisition, Kerrs Group now operates from 12 sites in Northern Ireland and four sites in the Greater Dublin region. Look out for our May edition to see how this affects Kerr’s Tyres’ position in our annual tyre retail ranking.

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  1. Kerr’s Tyres buys M & S Tyres Enniskillen
  2. Kerr’s Tyres buys Roundabout Tyre & Battery Service
  3. Kerr’s invests in 14 new jobs, Newtownards tyre centre
  4. Kerr’s Tyres & Auto creates 20 new jobs in £2.5 million investment
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Non-tyre growth: Michelin divests majority share in healthcare subsidiary, gains new partner

At the unveiling of its ‘Michelin in Motion’ strategic plan on 8 April, the Michelin Group presented a strategy for 2030 that shows a determination to expand in non-tyre businesses. In this spirit of expansion beyond tyres, yesterday the company announced the signing of a Partnership Agreement with Altaris Capital Partners.

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  1. Pyrolysis technology: Michelin partnering with Enviro
  2. Michelin completes Sascar acquisition
  3. Tyre makers show interest in buying Kumho Tire stake
  4. Michelin negotiating to acquire Camso
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Juratek acquires Bettaparts

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Braking specialist Juratek Ltd has acquired Bradford-based independent distributor Bettaparts Ltd. Terms of the deal have not been disclosed. Bettaparts will remain at its Bradford site, serving its existing customer base and Juratek has said that there are no plans to distribute its own branded products through the new site as the companies will operate separately.

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  1. Klarius Group sells QH Ireland to CD Group
  2. Parts Alliance acquires 3 more Unipart Automotive sites, appoints ex-Car Care head
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Bridgestone: Sale of Firestone Building Products completed

Bridgestone Corporation reports that its Bridgestone Americas, Inc. subsidiary has completed the sale of Firestone Building Products to Holcim Participations (US) Inc, a subsidiary of LafargeHolcim Ltd. (LafargeHolcim). According to the Japanese company, the US$3.4 billion transaction will “advance Bridgestone’s efforts to deliver value to customers and society as a global leader providing tyres and advanced mobility solutions.”

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  1. LafargeHolcim confirms it will buy Firestone Building Products in US$3.4 billion deal
  2. Jab for cash: Bridgestone Americas offers employees $100 for vaccination
  3. Bridgestone’s acquisition of Group Ayme completed
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What will become of ULM and Universal Tyre Wholesale?

Halfords

Halfords’ recent acquisition of Universal Tyres follows the acquisition of McConnechy’s Tyre Service Ltd for £8.5 million and Tyres on the Drive for £746,000 back in November 2019. The combination of the McConnechy’s and Universal purchases means Halfords now owns two of the three founding firms of ULM Services Ltd, a fleet servicing business that Universal establishing in partnership with McConnechy’s and Lodge tyres back in 2017. At the same time, Universal runs its own tyre wholesale business. So, what does the latest acquisition mean for the Universal Tyre Wholesale operation? And how was McConnechy’s commercial business folded into Halfords? For that matter, how will the businesses be integrated in general? And what does this all mean for ULM?

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  1. Halfords buys Universal Tyres and Autocentres for £15 million
  2. Universal buys three Tyrework branches from KRT
  3. McConechy’s Tyre Service Ltd sold to Halfords for £8.5 million
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Halfords buys Universal Tyres and Autocentres for £15 million

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Halfords

Halfords has extended its reach into the UK tyre retail space with the acquisition of Universal Tyre and Autocentres for £15 million. Kent-based Universal has 20 garages and 89 commercial vans operating in the South East and on the east coast of the UK. Universal also operates 1 warehouse/head office and from 5 other sites. The company specialises in the supply and fit of tyres for a wide range of vehicles, from cars to commercial and agricultural vehicles. Universal branches also offer general car maintenance and repairs such as brakes, servicing and MOT.

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  1. Universal buys three Tyrework branches from KRT
  2. McConechy’s Tyre Service Ltd sold to Halfords for £8.5 million
  3. Goodyear and Halfords moves represent the virtualization of the tyre distribution chain
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New owner for wheel maker BBS

KW automotive GmbH intends to acquire wheel manufacturer BBS, and signed a contract to this end late last year. The deal is still subject to a number of contractual conditions that should be met in the near future. The company anticipates taking over the BBS brand in June 2021 together with a minority shareholder, entrepreneur Mathias R. Albert. The parties have agreed not to disclose the purchase price.

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Goodyear gives Ryan Patterson responsibility for Cooper integration

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Goodyear

Ryan Patterson has been appointed as senior vice president, Business Integration of The Goodyear Tire & Rubber Company. The role, which Patterson took on in March 2021, means leadership of the integration Cooper Tire, which Goodyear is purchasing.

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Related news:

  1. Goodyear set to buy Cooper Tire for US$2.5 billion
  2. The Goodyear/Cooper combination’s synergies; global headquarters to be in Akron
  3. Goodyear approached Cooper Tire regarding multi-billion-dollar acquisition
  4. Goodyear to regain number 3 global PCLT tyre volumes ranking – Astutus Research
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Goodyear to regain number 3 global PCLT tyre volumes ranking – Astutus Research

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With the addition of the Cooper Tire business, Goodyear will return to the global number three ranking in passenger car and light truck (PCLT) tyre volumes in 2021. After previously holding the clear number three ranking behind the world’s largest tyre manufacturers, Bridgestone and Michelin, Goodyear was joint third with Continental in both 2017 and 2018. In 2019, Goodyear fell behind Continental to fourth position in 2019 and 2020. Working on a pro forma basis combining original equipment and replacement market tyres, Astutus Research data reveals some interesting facts about the nascent conjoined organisation, with reference to their largest tyre business segment in terms of volume.

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  1. Is Continental about to break into PCLT tyre global big 3?
  2. Goodyear set to buy Cooper Tire for US$2.5 billion
  3. The Goodyear/Cooper combination’s synergies; global headquarters to be in Akron
  4. Goodyear and Cooper shares up 30% after takeover news
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Tirebuyer.com and Tirescanner.com merge

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Tirebuyer

Online tyre retailers Tirebuyer and Tirescanner have merged to create a new Tirebuyer.com that will be led by president and CEO Michael Welch OBE, who formerly founded Blackcircles and then Tirescanner. ATD (American Tire Distributors), Tirebuyer’s parent company, is the largest tyre distributor in the world. The new Tirebuyer will operate over 11,000 installer partner locations across the USA. According to the company, Tirebuyer sales day one are in the high eight-figure range. “We expect to climb sales to multiple nine figures over the coming years”. There is even talk of hitting the billion-dollar turnover mark.

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  1. Tirescanner sales up 150% year-to-date
  2. Will Amazon buy ATD?
  3. Blackcircles.com entrepreneur launches online portal for US tyre retailers
  4. Tirescanner.com live in 42 US states, multi-million dollar funding close
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Bumpy roads and leveraged buy-outs – reflections on the Goodyear/Cooper Tire integration

Goodyear’s $2.5 billion-dollar acquisition of Cooper is the biggest tyre industry news story of 2021 so far (click here for detailed analysis of the deal itself). But takeovers – especially those this big – are seldom easy. A large portion of the motivation behind the acquisition is to bolster Goodyear’s position in the high-value 4×4 and SUV tyre segments. So, with this in mind, what kind of terrain is the deal likely to encounter as the two companies make their way towards integration?

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Related news:

  1. Goodyear set to buy Cooper Tire for US$2.5 billion
  2. Cooper shares up 40% following acquisition announcement
  3. Cooper takes suitor Apollo to court
  4. Goodyear and Cooper shares up 30% after takeover news
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Goodyear approached Cooper Tire regarding multi-billion-dollar acquisition

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Cooper

Cooper Tire wasn’t initially looking to sell when Goodyear chief executive Rich Kramer approached the company, Cooper’s president and CEO told journalists in a virtual press conference on 22 February 2021. Rather, Cooper’s management and board were convinced by Goodyear’s “compelling offer” and “strategic logic”. So, what exactly was it that convinced Cooper’s leadership team?

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Related news:

  1. Cooper finalises Serbian acquisition
  2. Serbia to become PCLT tyre production hub
  3. Cooper Tire reopening US and Serbia tyre factories
  4. Goodyear set to buy Cooper Tire for US$2.5 billion
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