Integration on-track: Goodyear reports 16% growth plus greater synergies from Cooper Tire acquisition
The Goodyear Tire & Rubber Company has published figures that show its third-quarter 2021 sales were $4.9 billion, up 42 per cent compared with a year ago. Of course, much of this increase was driven by the company’s acquisition of Cooper Tire, but growth still came in at 16 per cent with the benefits of the Cooper merger excluded. At the same time, Goodyear executives also reported that the company now expects circa 50 per cent greater Cooper merger-related synergies than before. Specifically, this means a benefit of $250 million in run-rate synergies by mid-2023 up from an initial forecast of $165 million. And what’s more, the company expects to realize approximately $20 million of these savings in 2021. No estimates for 2022 synergies are being released until at least the end of 2021 and more likely February 2022 when full-year 2021 data has been processed.