Michelin finalizes Oliver Rubber acquisition
Dec 1, 2007 12:00 PM
Michelin North America 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 subsidiary of Michelin North America Inc.
The United States Federal Trade Commission granted an early termination of the standard waiting period for the transaction allowing the acquisition, which included a cash purchase price of $69 million, to proceed.
This acquisition complements Michelin's tread manufacturing capacity and extends, via the Oliver dealer network, the commercial reach of Michelin's services throughout North America's retreading market. In 2005 Michelin announced a major expansion of its tread manufacturing facility in Covington GA and, earlier this year, the opening of a new tread manufacturing facility in Querétaro, Mexico.
