Michelin Acquisition of Oliver Rubber Completed

Michelin North America announced on October 5 the completion of its acquisition of the Oliver Rubber Company from Cooper Tire & Rubber. 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 US$69 million, to proceed.

This latest 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 Querétaro, Mexico.