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Newsroom News Goodyear to Acquire Cooper , Creating Stronger U.S. - Based Leader in Global Tire Industry - Strengthens Leadership Position in Global Tire Industry - Combines Two Complementary Brand Portfolios with a Comprehensive Offering Across the Value Spectrum - Provides Significant , Immediate and Long - Term Financial Benefits - Opportunity to Create Additional Value from Manufacturing and Distribution - Increases Scale to Support Investments in New Mobility and Fleet Solutions AKRON , Ohio and FINDLAY , Ohio , Feb. 22 , 2021 / PRNewswire / -- The Goodyear Tire & Rubber Company ( Nasdaq : GT ) and Cooper Tire & Rubber Company ( NYSE : CTB ) today announced that they have entered a definitive transaction agreement under which Goodyear will acquire Cooper in a transaction with a total enterprise value of approximately $ 2.5 billion . The transaction will expand Goodyear's product offering by combining two portfolios of complementary brands . It will also create a stronger U.S. - based manufacturer with increased presence in distribution and retail channels while combining both companies ' strengths in the highly profitable light truck and SUV product segments . The combined company will have approximately $ 17.5 billion in pro forma 2019 sales . Under the terms of the transaction , which has been approved by the Boards of Directors of both companies , Cooper shareholders will receive $ 41.75 per share in cash and a fixed exchange ratio of 0.907 shares of Goodyear common stock per Cooper share for a total equity value of approximately $ 2.8 billion . Based on Goodyear's closing stock price on February 19 , 2021 , the last trading day prior to the announcement , the implied cash and stock consideration to be received by Cooper shareholders is $ 54.36 per share , representing a premium of 24 % to Cooper's closing stock price on February 19 , 2021 , and a premium of 36 % to Cooper's 30 - day volume weighted average price as of the close on February 19 , 2021. Upon closing of the transaction , Goodyear shareholders will own approximately 84 % of the combined company , and Cooper shareholders will own approximately 16 % . Founded in 1914 , Cooper is the 5th - largest tire manufacturer in North America by revenue with approximately 10,000 employees working in 15 countries worldwide . Cooper products are manufactured in 10 facilities around the globe , including wholly - owned and joint venture plants . The company's portfolio of brands includes Cooper , Mastercraft , Roadmaster and Mickey Thompson . " This is an exciting and transformational day for our companies , " said Richard J. Kramer , Goodyear chairman , chief executive officer and president . " The addition of Cooper's complementary tire product portfolio and highly capable manufacturing assets , coupled with Goodyear's technology and industry leading distribution , provides the combined company with opportunities for improved cost efficiency and a broader offering for both companies ' retailer networks . We are confident this combination will enable us to provide enhanced service for our customers and consumers while delivering value for shareholders . " Kramer added , " We have a great deal of respect for Cooper's team and share a commitment to integrity , quality , agility and teamwork . We look forward to welcoming Cooper to the Goodyear family . " Brad Hughes , Cooper president & chief executive officer , added , " Cooper has transformed into a dynamic , consumer - driven organization that has balanced traditional and emerging channels to increase demand for our products , while updating and effectively leveraging our global manufacturing footprint . I am extremely proud of what our team has accomplished over the past 107 years and am grateful to our talented employees for their contributions and commitment . This transaction marks the start of a new chapter for Cooper , which we are entering from a position of strength . We believe that it represents an attractive opportunity to maximize value for our shareholders , who will receive a meaningful premium as well as the opportunity to participate in the upside of the combined company . We look forward to the opportunity to combine Cooper's considerable talents with Goodyear's , and to be part of a bigger , stronger organization that will be competitively well - positioned to win in the global tire industry . " Compelling Strategic and Financial Benefits