MUSCATINE, Iowa — Bridgestone Americas Holding Inc. concluded its $1.05 billion acquisition of Bandag Inc. June 1 during a ceremony at Bandag´s Muscatine headquarters.
The celebration, titled "Bringing the Best Together" by the company, included a luncheon for Bandag employees and a hand-off of the famous Bandag Bandit race truck from Martin Carver, former Bandag chairman and CEO, to his successor, Saul Solomon, who will serve as chairman, CEO and president of Bandag.
A 14-year veteran of Bridgestone Americas, Solomon recently served as the firm´s vice president and general counsel. Carver will remain with the company for "an undefined amount of time" in an advisory capacity, the company said.
Bridgestone, which announced its bid at the close of 2006, acquired the retreading materials supplier and franchisor for $50.75 per share. The Nashville-based tire maker gains all of Bandag´s subsidiaries and its global network of more than 900 franchised retread plants, including 386 in the U.S. and Canada collectively operated by 186 dealerships.
The merger makes Bridgestone Americas the largest retread franchisor and materials supplier in North America.