Michelin North America announced Friday the completion of 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 U.S. 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 growing 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.
The U.S. 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 growing 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.
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