Michelin North America announced Oct. 5 the completion of its acquisition of Oliver Rubber Co. from Cooper Tire & Rubber Co. Oliver, which produces tread rubber and retreading equipment, now will operate as a subsidiary of Michelin North America, based in Greenville, S.C.
The U.S. 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 $69 million — to proceed.
Michelin says the acquisition complements its 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, Ga., and earlier this year announced the opening of a new tread manufacturing facility in Querétaro, Mexico.
