Bridgestone has completed its $1.05 billion take over of tire retread giant Bandag Inc. The two companies entered into a merger agreement in December, with Bridgestone Americas Holding Inc. committing to paying $50.75 per share. The deal was closed Thursday, May 31.
“This combination is a natural fit, signaling the beginning of an enhanced level of service and technology for our customers, while providing the same great level of quality,” says Mark Emkes, chairman and chief executive officer of the Bridgestone unit.
Saul Solomon has been named chairman, CEO and president of Bandag. He previously served as vice president and general counsel of BSAH. “It’s a real privilege to have the opportunity to work with such an accomplished group of professionals,” Solomon says.
Outgoing Bandag Chairman and CEO Martin Carver, whose family founded Bandag in 1957, will remain a key adviser to Solomon and his team.
“I can’t say enough about the people of Bandag — not just for what they’ve accomplished, but how they’ve accomplished it,” Carver says. “That’s always been what set us apart. Now the members of the Bandag family have an exciting new future, provided by the combination of these two great companies.”