9 Goodyear-Cooper Tire stories you may have missed

This week was a big one for Goodyear and the Cooper Tire & Rubber Co., which together disclosed the companies had reached an agreement for Goodyear to acquire Cooper for $2.5 billion.

From the the biggest news to the routine financial reports, here's a look at the most recent news you may have missed from the companies.

1. Goodyear makes an offer Cooper can't refuse

Akron-based Goodyear, the No. 3 tire maker worldwide with $13.7 billion in sales in 2019, said Feb. 22 that it had entered an agreement to purchase Findlay,Ohio-based Cooper Tire for $2.5 billion.

The purchase has been approved by the Board of Directors of both companies.

Cooper ranks as the No. 13 tire maker globally, with 2019 sales of $2.75 billion.

2. Combined Goodyear-Cooper company has tire tech, sustainability focus

Goodyear has fancied itself a leader in new mobility landscape, focusing heavily on development of tires for electric, autonomous and connected vehicles.

But the acquisition of Cooper brings even more to the table for the Akron-based tire maker. Today, Goodyear feels even better about its position within the tire industry and remains confident in its ability to adapt, not only to a new mobility landscape, but in offering more sustainable tire products.

3. USW unsure what the deal would mean for workers

Goodyear's $2.5 billion deal to purchase Cooper has the potential to impact thousands of union workers across both companies.

But how?

"Our contracts with Cooper and Goodyear provide security for our jobs, earnings and benefits with protections specifically addressing successorship in case of a change in owners," the USW said in a Feb. 23 email to Rubber & Plastics News. "We look forward to facing the challenges ahead and continuing the tradition of quality tire building in all of our communities."

4. Cooper Tire's tough sales year doesn't impact overall finances

Cooper swam against the current last year, reporting nearly 33 percent higher operating earnings for the year ended Dec. 31. This came despite a 8.5 percent drop in sales in a year where the auto industry was decimated by the pandemic.

"Despite impacts from coronavirus," Cooper Tire CEO Bradley Hughes said, "we delivered strong operating profit performance for the year and demonstrated that the value proposition of providing high-quality tires at an affordable price is compelling for consumers, especially in the current environment."

5. More tire offerings could be a good thing for consumers, tire dealers

Once Goodyear completes its integration of Cooper, the new company promises to offer a broader portfolio, improved service and delivery and more opportunity than ever before, according to Richard Kramer, chairman, CEO and president of Goodyear.

6. Officer Christopher Helsel
Goodyear promoted Christopher Helsel its senior vice president, global operations and chief technology officer. He succeeds Jonathan Bellissimo, who is retiring after a Goodyear career spanning four decades.

7. A look at where they've been

Cooper Tire traces its origins to the City of Akron, and looks to be returning there once the deal with Goodyear is finalized.

Here's a look at the histories of both companies and what brings them together.

8. Recall of Cooper-, Mastercraft- brand tires expands

Cooper is expanding the scope of a recall of Cooper CS5 Grand Touring and Mastercraft LSR Grand Touring tires it began in September to nearly 12,000 tires from 2,000.

Roughly a third of the tires, in size 225/55R17, are suspected of having manufacturing anomalies that could lead to tread separation and sidewall failure.

9. Recall of light-truck tires in 15 brand/line designations

Cooper Tire & Rubber Co. is recalling 430,000-plus P-metric white-sidewall/raised white-letter light-truck tires in 15 brand/line designations that may develop a sidewall bulge or separation, which could result in an in-service tire failure.