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Goodyear Tire & Rubber acquires Cooper Tire in the US

19 March 2021 08:51

JAKARTA - The Goodyear Tire & Rubber Company (GTRC), the majority shareholder of PT Goodyear Indonesia Tbk (GDYR), is known to be carrying out the acquisition process of the Cooper Tire and Rubber Company (CTRC), a rubber wheel manufacturer based in the United States (US). This was conveyed by Randeep Singh Kanwar, President Director of PT Good Year Indonesia Tbk (GDYR) in the report on the results of the public expose quoted on Friday (19/3).

He conveyed that the completion of the acquisition is currently awaiting approval from shareholders and related authorities in the US. However, there was no mention of the detailed value of the corporate action plan that GTR is currently implementing.

As of March 1, 2021, the number of GDYR shares amounted to 377,404,900 shares with the shareholder structure of GTRC 85%, PT Kalibesar Asri 7.05%, and the public (under 5%) as much as 7.95%.

As of December 2020, GDYR posted sales of US$ 74.93 million, lower than 2019 of US$ 103.22 million. The domestic market contributed to sales of US$ 42.90 million and exports of US$ 32.03 million in 2020. Meanwhile in 2019, the contribution of sales from the domestic market was US$ 60.58 million and exports US$ 42.64 million. (LK/LM)

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