Wingfoot Joint Venture Receives Approval
Dec 1, 2000 12:00 PM, MODERN BULK TRANSPORTER STAFF
A recently announced joint venture to create Wingfoot Commercial Tire Systems, a network of commercial tire service outlets and truck tire retreading facilities, has become official after expiration of the Federal Trade Commission review period.
The agreement combines Treadco Inc operations, The Goodyear Tire & Rubber Co's commercial tire service centers and the Goodyear-operated Brad Ragan Inc commercial tire centers. Collectively, the joint venture operations - under the Wingfoot Commercial Tire Systems banner - total 194 commercial tire and service centers, 77 retreading plants, and some 3,000 associates. Estimated first-year sales are $650 million.
Goodyear will hold approximately a 60% ownership interest in the joint-venture company, and Treadco will hold about 40%.
Wingfoot is headquartered in Fort Smith AR, with John R Meyers serving as the company's chairman and chief executive officer, and Michael R Thomann as president and chief operating officer.
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