Former tyre industry pioneer Goodrich sold for $18.4 billion

Dr. Benjamin Franklin Goodrich, who as born in Ripley, New York in 1841 and died in 1881, was a pioneering figure in the United States tyre industry. When his business idea of producing rubber products failed to enthuse, in 1870 he established his own Akron, Ohio-based firm – which later became famous as B.F. Goodrich. The company introduced the first US-made mass produced tyre in 1896, the first tubeless tyre into North America in 1946 and the first radial there in 1965. In 1977, B.F. Goodrich delivered tyres for the first prototype Space Shuttle.

In 1988 the firm exited the tyre industry and these parts of Goodrich’s business were acquired by Michelin. Following its tyre divestment, Goodrich focused on aerospace products. The firm has now been acquired by US firm United Technologies, a supplier to aircraft manufacturers such as Boeing and Airbus. On September 21, Goodrich Corporation announced that United Technologies had agreed to purchase the company for a total enterprise value of US$18.4 billion.