FORT SMITH, Ark. (March 20)—Transportation holding company Arkansas Best Corp. has notified Goodyear it is exercising its "put" option regarding their Wingfoot Commercial Tire Systems L.L.C. joint venture, meaning Goodyear is obligated to buy Arkansas Best's 19-percent share in Wingfoot for the previously agreed upon price of $71.3 million by April 30 at the latest. Goodyear and Arkansas Best set up Wingfoot Commercial Tire in September 2000 by combining Arkansas Best's Treadco Inc. unit with Goodyear's commercial tire distribution network. Wingfoot operates 171 commercial tire centers and 61 retread plants, generating an estimated $675 million in sales. According to the terms of the agreement, Arkansas Best has the right to sell its ownership stake in Wingfoot to Goodyear at any time after April 30, 2003, and before April 30, 2004.
Wingfoot partner, Arkansas Best, wants Goodyear to buy its share
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