GREENVILLE, S.C. (Oct. 10, 2007) — Michelin North America Inc. has completed its $69 million purchase of retread materials producer Oliver Rubber Co. from Cooper Tire & Rubber Co. following clearance of the deal by the U.S. Federal Trade Commission.
Oliver, which produces tread rubber and retreading equipment, now will operate as a subsidiary of Michelin North America, complementing its existing retreading business, Michelin Retread Technologies.
Michelin disclosed the completion of the transaction Oct. 5 after receiving word that the FTC had granted an early termination of the standard waiting period for the transaction.
The deal is in addition to a recent expansion of tread rubber capacity at MRT´s plant in Covington, Ga., and the opening of tread rubber plant in Queretaro, Mexico.