Michelin North America completes acquisition of Oliver Rubber Company

Michelin North America announced today the completion of its acquisition of Oliver Rubber Company from Cooper Tire & Rubber Company (NYSE: CTB). Oliver, which produces tread rubber and retreading equipment, will now operate as a subsidiary of Michelin North America, Inc.

The U.S. 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, Ga. and, earlier this year, the opening of a new tread manufacturing facility in Querétaro, Mexico.

Dedicated to the improvement of sustainable mobility, Michelin designs, manufactures and sells tires for every type of vehicle, including airplanes, automobiles, bicycles, earthmovers, farm equipment, heavy-duty trucks, motorcycles and the space shuttle. The company also publishes travel guides, hotel and restaurant guides, maps and road atlases. Headquartered in Greenville, S.C., Michelin North America employs more than 22,000 and operates 19 major manufacturing plants in 17 locations.