Greenville, South Carolina -Â Michelin North America said it has completed its acquisition of Oliver Rubber Company from Cooper Tire & Rubber Company. Oliver, which produces tread rubber and retreading equipment, will now operate as a subsidiary of Michelin North America, Inc.
The US Federal Trade Commission granted an early termination of the standard waiting period for the transaction allowing the acquisition, which included a cash purchase price of $69 million, to proceed.
This acquisition complements Michelin's tread manufacturing capacity and extends, via the Oliver dealer network, the commercial reach of Michelin's services throughout North America's growing retreading market. In 2005 Michelin announced a major expansion of its tread manufacturing facility in Covington, Georgia and, earlier this year, the opening of a new tread manufacturing facility in QuerÃ©taro, Mexico.
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Press release from Michelin