Michelin North America to Acquire Oliver Rubber Company
July 31 2007 - 9:00AM
PR Newswire (US)
GREENVILLE, S.C. and FINDLAY, OHIO, July 31 /PRNewswire-FirstCall/
-- Michelin North America, Inc. today announced that it has signed
a definitive agreement to acquire Oliver Rubber Company, a
subsidiary of Cooper Tire & Rubber Company (NYSE:CTB), which
produces tread rubber and retreading equipment. The acquisition
will be completed upon receipt by the parties of necessary
regulatory approvals. Following the acquisition, Oliver will
operate as a subsidiary of Michelin North America, Inc. (Logo:
http://www.newscom.com/cgi-bin/prnh/20010404/COOPERLOGO ) This
acquisition will complement the manufacturing capability and
service network of Oliver with that of the Michelin Retread
Technologies (MRT) network, enabling Michelin to extend its reach
in the growing commercial retreading market. In 2005 Michelin
announced a major expansion of its tread manufacturing facility in
Covington, Ga. and, earlier this month, the opening of a new
manufacturing facility in Mexico. The terms of the transaction
include a cash purchase price of $69 million. The transaction is
subject to final due diligence as well as Federal Trade Commission
and U.S. Department of Justice approval. "Oliver's manufacturing
capacity, product portfolio and experienced workforce are a
terrific complement to Michelin's current retread operation," said
Luc Minguet, Chief Operating Officer of Michelin Americas Truck
Tire. "We believe the two brands, managed according to Michelin's
strategic focus, will offer the North American trucking industry
broader access to products and services to better meet their
needs." Cooper Tire & Rubber Company is a global company that
specializes in the design, manufacture, marketing and sales of
passenger car, light truck, medium truck tires and subsidiaries
that specialize in motorcycle and racing tires, as well as tread
rubber and related equipment for the retread industry. With
headquarters in Findlay, Ohio, Cooper Tire has 63 manufacturing,
sales, distribution, technical and design facilities within its
family of companies located around the world. For more information,
visit Cooper Tire's web site at: http://www.coopertire.com/
Dedicated to the improvement of sustainable mobility, Michelin
designs, manufactures and sells tires for every type of vehicle,
including airplanes, automobiles, bicycles, earthmovers, farm
equipment, heavy-duty trucks, motorcycles and the space shuttle.
The company also publishes travel guides, hotel and restaurant
guides, maps and road atlases. Headquartered in Greenville, S.C.,
Michelin North America (http://www.michelin-us.com/) employs more
than 22,000 and operates 19 major manufacturing plants in 17
locations. For more information, visit
http://www.michelinmedia.com/
http://www.newscom.com/cgi-bin/prnh/20010404/COOPERLOGO
http://photoarchive.ap.org/ DATASOURCE: Cooper Tire & Rubber
Company CONTACT: Mark Burd of Michelin North America,
+1-864-458-5115, +1-864-270-0375 mobile, ; or Patricia J. Brown of
Cooper Tire & Rubber Company, +1-419-424-4370, +1-419-722-3431
mobile, Web site: http://www.coopertire.com/
http://www.michelin-us.com/ http://www.michelinmedia.com/
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