Sumitomo/TBC Acquisition Closes

(Akron/Tire Review) Sumitomo Corp. of America (SCOA) announced today that its purchase of TBC Corp, for approximately $1.1 billion, has been closed. TBC will operate as a subsidiary of SCOA and continue to be led by TBC’s current senior management team, the company said. “We are excited to add TBC to our growing family of companies,” said Susumu Kato SCOA president and CEO. “TBC complements our existing portfolio, and we look forward to working with them on the successful implementation of their long-term business strategy.”