Goodyear Completes Acquisition of Cooper

– Strengthens Leadership Placement in International Tire Sector

– Brings together Two Complementary Brand Portfolios with a In depth Offering Across the Benefit Spectrum

– Provides Considerable, Rapid and Prolonged-Phrase Monetary Advantages

– Possibility to Make Supplemental Price from Production and Distribution

– Increases Scale to Aid Investments in New Mobility and Fleet Solutions

AKRON, Ohio, June 7, 2021 /PRNewswire/ — The Goodyear Tire & Rubber Organization (Nasdaq: GT) currently announced that it has done its acquisition of Cooper Tire & Rubber Organization, finalizing the merger settlement built general public on February 22. The blend unites two major tire businesses with complementary item portfolios, providers and abilities to create a more robust U.S.-based leader in the world tire industry. The mixed company will present extra possibilities across the value spectrum making it a lot easier for prospects and buyers to select Goodyear- and Cooper-branded tires.

The Goodyear Tire & Rubber Company, Akron, Ohio, USA. (PRNewsFoto/Goodyear Tire & Rubber Company) — The Goodyear Tire & Rubber Business, Akron, Ohio, United states of america. (PRNewsFoto/Goodyear Tire & Rubber Organization)

“We are thrilled to formally convey Goodyear and Cooper alongside one another and unite our shared focus on customers, innovation and high-high-quality goods and answers. This mix strengthens Goodyear’s means to serve extra customers globally and provides improved scale to aid bigger investments in new mobility and fleet answers,” explained Richard J. Kramer, Goodyear chairman, chief executive officer and president.

Bringing Goodyear and Cooper jointly is envisioned to:

Strengthen Goodyear’s Major Position in World-wide Tire Marketplace. The acquisition additional strengthens Goodyear’s main place in the U.S., while considerably growing its situation in other North American markets. In China, the blend approximately doubles Goodyear’s existence and will increase the variety of associations with neighborhood automakers, even though generating broader distribution for Cooper replacement tires as a result of Goodyear’s network of 2,500 branded retail retailers.
Incorporate Two Complementary Brand Portfolios with a Detailed Supplying across the Benefit Spectrum. The put together business will have the option to leverage the energy of Goodyear authentic gear and premium alternative tires, together with the mid-tier power of the Cooper brand name, which has specific power in the mild truck and SUV segments.
Offer Major, Speedy and Long-Phrase Monetary Benefits:
Build Supplemental Value from Producing and Distribution. Alternatives for growth of pick out Cooper amenities are anticipated to enhance money performance and adaptability. Extra profits advancement opportunities are expected to end result from the addition of the Cooper brand name to Goodyear’s global distribution network.
Boost Scale to Assistance Investments in New Mobility and Fleet Alternatives. As an industry chief in the U.S., the mixed business will offer tire products and a broad assortment of products and services by means of Goodyear’s associations with common and emerging authentic products manufacturers autonomous driving procedure builders new and founded fleet operators and other mobility platforms.

With complementary company models, organizational constructions and distribution channels, Goodyear will combine the best of Goodyear and Cooper in order to profit its shareholders, buyers, individuals and workers.

As a outcome of the closing, Cooper’s popular stock will stop to be traded on the New York Inventory Trade.

About The Goodyear Tire & Rubber Organization

Goodyear is just one of the world’s largest tire companies. It employs about 72,000 persons and manufactures its items in 54 services in 23 international locations all over the globe. We try to establish condition-of-the-art products and solutions and providers that set the technological innovation and functionality normal for the sector. For additional details about Goodyear and its products, go to www.goodyear.com/company. GT-FN

Forward-Hunting Statements

This interaction contains forward-hunting statements inside the that means of the Non-public Securities Litigation Reform Act of 1995, Area 27A of the Securities Act of 1933, as amended, and Area 21E of the Securities Trade Act of 1934, as amended. These ahead-seeking statements usually involve statements concerning the transaction in between The Goodyear Tire & Rubber Organization (“Goodyear”) and Cooper Tire & Rubber Corporation (“Cooper”), including any statements relating to the expected benefits of the likely transaction (together with anticipated annual run-level operating and other charge synergies and anticipated accretion to return on money utilized, totally free money circulation and earnings per share), projected monetary details, long term alternatives, and any other statements with regards to Goodyear’s upcoming expectations, beliefs, ideas, targets, final results of operations, economical issue and dollars flows, or potential occasions or performance. These statements are typically, but not constantly, designed by means of the use of terms or phrases this sort of as “anticipates,” “expects,” “intends,” “designs,” “targets,” “forecasts,” “jobs,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “could,” “could,” “should,” “will,” “budgets,” “outlook,” “traits,” “advice,” “aim,” “on agenda,” “on observe,” “is slated,” “objectives,” “targets,” “approaches,” “chances,” “poised,” “likely” and related expressions. All these types of ahead-on the lookout statements are primarily based on current expectations of Goodyear’s administration and therefore entail estimates and assumptions that are subject matter to dangers, uncertainties and other factors that could result in genuine final results to differ materially from the success expressed in the statements. Key things that could induce precise effects to differ materially from individuals projected in the forward-wanting statements include things like the results of disruption to Goodyear’s or Cooper’s respective companies the impact of this communication on Goodyear’s inventory price the effects of business, market, economic, political or regulatory disorders outdoors of Goodyear’s regulate transaction expenses Goodyear’s skill to achieve the positive aspects from the proposed transaction, such as the anticipated once-a-year run-amount operating and other cost synergies and accretion to return on funds utilized, absolutely free cash circulation and earnings for each share Goodyear’s potential to instantly, effectively and properly combine acquired operations into its individual functions unknown liabilities and the diversion of management time on transaction-similar issues. Other essential variables that could cause actual final results to vary materially from these in the ahead-wanting statements are set forth beneath the heading “Possibility Factors” on the companies’ Annual Reviews on Kind 10-K and in subsequent filings with the U.S. Securities and Trade Commission. Other unpredictable or not known things not talked over in this conversation could also have substance adverse results on ahead-on the lookout statements. Goodyear assumes no obligation to update any ahead-seeking statements, except as required by legislation. Visitors are cautioned not to area undue reliance on these ahead-seeking statements that speak only as of the day hereof.