Michelin North America is to buy Cooper Tyre & Rubber subsidiary Oliver Rubber, which produces tread rubber and re-treading equipment.
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Oliver will operate as a subsidiary of Michelin North America, complementing the Michelin Retread Technologies network in the growing commercial re-treading market.
In 2005 Michelin announced a major expansion of its tread manufacturing facility in Covington, Georgia, and, earlier this month, the opening of a new manufacturing facility in Mexico.
The transaction includes a cash purchase price of $US69m and is subject to due diligence and regulatory approval.
“Oliver’s manufacturing capacity, product portfolio and experienced workforce are a terrific complement to Michelin’s current retread operation,” said Luc Minguet, chief operating officer of Michelin Americas Truck Tyre.
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