Goodyear to Buy Cooper

Goodyear Tire & Rubber Co. said it will buy Cooper Tire & Rubber Co. in a $2.8 billion deal to beef up its portfolio in the high-margin light truck and SUV segments and strengthen its presence in North America and China.

The deal, announced Monday, nearly doubles Goodyear’s presence in China and broadens distribution for Cooper replacement tires through Goodyear’s network of 2,500 retail stores in the country.

U.S. and China, the two largest tire markets in the world, account for about one-third of global industry volume.

Source: MarketWatch