AKRON—Since closing on the $2.5 billion acquisition of Cooper Tire & Rubber Co. in June 2021, Goodyear has been working to ensure a smooth transition, while optimizing the efficiency and streamlining the operations of the combined company.
It is a tall task, considering the deal brought together two of the world's 15 largest tire companies. Combined, Goodyear (No. 3 globally) and Cooper (No. 13 globally) had sales of around $16.5 billion when the deal was finalized.
During the second quarter of 2022, the company said it was in the final stages of the integration and that, despite some of the challenges expected with a merger like this one, operations were coming together fairly seamlessly.
The results of those efforts have been showing up in the combined companies' bottom line for some time. And the fourth quarter of 2022 was no exception.
During an investors' call Feb. 8, the company noted that the synergies of the Cooper Tire combination during the fourth quarter of 2022 totaled $40 million, compared with third quarter 2022 benefits of $25 million.