Goodyear Tire and Cooper Tire have entered a definitive transaction agreement under which Goodyear will acquire Cooper Tire in a transaction with a total enterprise value of approximately $2.5 billion.

With this acquisition, Goodyear Tire will expand its product offering by combining two portfolios of complementary brands.

It will also create a stronger U.S.-based manufacturer with an increased presence in distribution and retail channels while combining both companies’ strengths in the highly profitable light truck and SUV product segments.

The combined company will have approximately $17.5 billion in pro forma 2019 sales.

Under the terms of the transaction, which has been approved by the Boards of Directors of both companies, Cooper shareholders will receive $41.75 per share in cash and a fixed exchange ratio of 0.907

Shares of Goodyear common stock per Cooper share for a total equity value of approximately $2.8 billion. Based on Goodyear’s closing stock price on February 19, 2021, the last trading day prior to the announcement, the implied cash and stock consideration to be received by Cooper shareholders is $54.36 per share, representing a premium of 24% to Cooper’s closing stock price on February 19, 2021, and a premium of 36% to Cooper’s 30-day volume-weighted average price as of the close on February 19, 2021.

Upon closing of the transaction, Goodyear shareholders will own approximately 84% of the combined company, and Cooper shareholders will own approximately 16%.

Founded in 1914, Cooper is the 5th-largest tyre manufacturer in North America by revenue with approximately 10,000 employees working in 15 countries worldwide. Cooper products are manufactured in 10 facilities around the globe, including wholly-owned and joint venture plants. The company’s portfolio of brands includes Cooper, Mastercraft, Roadmaster and Mickey Thompson.

“This is an exciting and transformational day for our companies,” said Richard J. Kramer, Goodyear chairman, chief executive officer and president. “The addition of Cooper’s complementary tyre product portfolio and highly capable manufacturing assets, coupled with Goodyear’s technology and industry leading distribution, provides the combined company with opportunities for improved cost efficiency and a broader offering for both companies’ retailer networks. We are confident this combination will enable us to provide enhanced service for our customers and consumers while delivering value for shareholders.” Kramer added, “We have a great deal of respect for Cooper’s team and share a commitment to integrity, quality, agility and teamwork. We look forward to welcoming Cooper to the Goodyear family.”

Brad Hughes, Cooper president & chief executive officer, added, “Cooper has transformed into a dynamic, consumer-driven organization that has balanced traditional and emerging channels to increase demand for our products, while updating and effectively leveraging our global manufacturing footprint. I am extremely Goodyear to Acquire Cooper, Creating StrongerU.S.-Based Leader in Global Tyre Industry proud of what our team has accomplished over the past 107 years and am grateful to our talented employees for their contributions and commitment. This transaction marks the start of a new chapter for Cooper, which we are entering from a position of strength. We believe that it represents an attractive opportunity to maximize value for our shareholders, who will receive a meaningful premium as well as the opportunity to participate in the upside of the combined company. We look forward to the opportunity to combine Cooper’s considerable talents with Goodyear’s, and to be part of a bigger, stronger organization that will be competitively well-positioned to win in the global tire industry.” (TT)

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Pirelli & C. SpA shareholders approved the Italian tyre manufacturer's 2024 annual report and a €250 million dividend distribution on Wednesday, despite opposition from the company's Chinese-controlled majority shareholder.

The Milan-based company's annual general meeting saw 86.27 percent of voting capital represented, with 57.07 percent approving the 2024 results that showed parent company net profit of €302 million and consolidated net profit of €501.1 million.

The sole dissenting voice came from MPI Italy, controlled by Chinese chemical giant Sinochem, which holds a 37.015 percent stake in the premium tyre manufacturer. MPI Italy's opposition accounted for 42.90 percent of the capital represented at the meeting.

Shareholders unanimously approved a dividend of €0.25 per ordinary share, totalling €250 million before withholding taxes. The dividend will be paid on 26 June 2025, with shares trading ex-dividend from 23 June and a record date of 24 June.

The meeting, held at Studio Marchetti in Milan with participation exclusively through an appointed representative, also approved several governance measures. The 2025 remuneration policy received backing from 80.09 percent of represented capital, whilst 78.67 percent supported the report on compensation paid in 2024.

Shareholders also endorsed a new three-year monetary incentive plan for 2025-2027 covering Pirelli Group management, with 79.97 percent of represented capital voting in favour.

The approval comes as Pirelli continues to navigate the complexities of Chinese ownership whilst maintaining its position as a premium tyre supplier to luxury automotive manufacturers. Sinochem acquired control of Pirelli in 2015 through a €7.1 billion takeover.

The company's financial performance reflects strong demand for high-performance tyres, particularly in the luxury and motorsport segments where Pirelli maintains significant market presence.

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Indian tyre manufacturer Eurogrip has secured a distribution partnership with Honda Taiwan Co., Ltd., marking a significant expansion of the brand's presence in Asia's competitive two-wheeler market.

The collaboration will see Eurogrip's premium motorcycle tyre ranges, Protorq Extreme and Roadhound, made available across all authorised Honda motorcycle service centres throughout Taiwan. The partnership represents a strategic move for TVS Srichakra Limited's global brand as it seeks to establish stronger footholds in key Asian markets.

Taiwan's motorcycle market remains one of the region's most dynamic, with high penetration rates and sophisticated consumer demands for performance products. The island's dense urban environment and mountainous terrain create demanding conditions that require specialised tyre technology.

"This partnership with Honda Taiwan is a proud milestone for us, as we expand our footprint across key Asian markets," said T K Ravi, Chief Operating Officer at TVS Srichakra Ltd. "It reflects the growing trust in the Eurogrip brand and our commitment to delivering world-class products and service support."

The agreement comes as Eurogrip continues its international expansion strategy, leveraging what it describes as advanced R&D capabilities and track-tested performance credentials. The company has positioned itself as a premium alternative in markets traditionally dominated by established Japanese and European manufacturers.

P Madhavan, Executive Vice-President for Marketing & Sales at TVS Srichakra Ltd, emphasised the strategic importance of the Honda partnership. "Building Eurogrip as a strong global consumer brand and expanding to global markets is a key agenda for us, we have set our path right to fulfil these ambitions," he said. "This partnership with Honda Taiwan is indeed a feather in our cap."

The collaboration extends beyond product distribution, with EUROGRIP planning to implement training programmes for Honda service technicians and consumer engagement initiatives designed to enhance the overall customer experience.

From Honda Taiwan's perspective, the partnership provides access to competitively priced premium tyres that meet international quality standards, potentially offering customers more choice in the after-sales service market.

Renato Zilli, Commercial Director at TVS Srichakra’s Milan Centre, highlighted the technical aspects driving the partnership. "Eurogrip tyres are developed with tyre technology that's truly world-class and are built for high performance," he said. "Our technology is complemented by meticulous testing methodologies, such is our focus on product performance that's yielding results."

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In a first for its century-long legacy, the Goodyear Blimp transported a precious cargo of eight-week-old puppies from Smyrna, Tennessee, to Nashville. This unique flight, conducted in partnership with Canine Companions and Peanuts, marks a new chapter in transporting future service dogs, who typically travel by plane to reach volunteer puppy raisers across the country.

The puppies – named Marcie, Peppermint Patty, and Snoopy in honour of the long-standing connection between Canine Companions and Peanuts – embarked on their journey during a milestone year for all three organisations. Goodyear celebrates 100 years of its iconic blimp, Peanuts commemorates 75 years and Canine Companions marks its 50th anniversary.

The Nashville flight is part of Goodyear’s centennial tour, which will see its airships visit more than 100 cities across North America and Europe. Upon arrival, the puppies will be placed with Canine Companions volunteer raisers, who will provide loving homes while guiding them through the first stages of service dog training. Over the next 16 to 18 months, the raisers will ensure the puppies receive proper nutrition, veterinary care and socialisation while teaching foundational skills. This early training is vital in preparing the dogs for advanced professional training, where they will eventually assist children, adults and veterans with disabilities, enhancing their independence and quality of life.

Jeannie Schulz, Canine Companions National Board Member and Board Chair Emeritus and widow of Peanuts creator Charles M Schulz, said, "As a longtime supporter of Canine Companions, I'm always thrilled to see a new troop of puppies begin their training to become vital members of the dog service community. And of course, we all know of Sparky's affection for dogs! I'm particularly delighted that Snoopy gets to join in the fun this time around – all while riding the Goodyear Blimp!"

Paige Mazzoni, CEO, Canine Companions, said, "We're honoured to celebrate our milestone anniversaries with this one-of-a-kind opportunity. For 50 years, we've been transforming the lives of people with disabilities through expertly trained service dogs, and partnering with beloved brands like Peanuts and Goodyear brings that mission to life in a joyful way. Peanuts reminds us that 'Happiness is a warm puppy’, and now, thanks to Goodyear, these future service dogs get a sky-high sendoff aboard an iconic blimp – a perfect start to a lifetime of service."

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Apollo Tyres Ltd has extended its position as Official Tyre Partner of Italy's legendary 1000 Miglia through 2027, marking a decade of collaboration since 2017. The renewed agreement ensures continued visibility for the premium Vredestein brand across the rally's centenary celebrations, including associated events like the Coppa delle Alpi and 1000 Miglia Experience Italy.

The company simultaneously confirmed Formula 1 veteran Giancarlo Fisichella will remain Vredestein's brand ambassador through August 2026. The three-time Grand Prix winner has been instrumental in developing performance tyres like the Ultrac Pro since 2024, while serving as the brand's public face. Fisichella will return to this year's rally (17-21 June) piloting a Fiat 1100/103 TV Berlina on Vredestein Sprint Classic tyres.

The 41st edition will feature over 300 pre-1957 vehicles tracing the historic 1,000-mile Brescia-Rome-Brescia route. Strict entry rules preserve authenticity, permitting only models that competed in the original 1927-1957 races.

Vredestein's Classic range, including the event-proven Sprint Classic, blends period-correct styling with modern engineering to deliver optimal comfort, noise reduction and grip – making it the preferred choice for discerning classic car enthusiasts at premier motoring events worldwide. This extended partnership underscores Apollo Tyres' commitment to heritage motorsport and tyre innovation.

Yves Pouliquen, Vice President – Commercial EMEA, Apollo Tyres Ltd, said “Now in our eighth year, we are proud to extend our partnership with the 1000 Miglia – an event that celebrates automotive heritage like no other. Our Vredestein Classic range is engineered for connoisseurs who demand both style and performance, and there is no better stage to showcase this on than the world’s most beautiful race.”

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