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Goodyear and Bridgestone Announce Consolidation of US Tire Distribution Business
According to foreign media reports, on April 16, 2018 local time, Goodyear and Bridgestone decided to merge the US tire distribution business and set up a new company. The new company is named TireHub LLC and is headquartered in Atlanta, USA. After the merger of the two businesses, the company has more than 80 tire sales outlets in the country. Its fair value (Fair Value) was set at about 600 million US dollars (about 3.767 billion yuan). According to the plan, the two tire manufacturers each account for 50% of the shares of TireHub. The entire transaction is expected to be completed in the middle of 2018.
Goodyear said that TireHub's start-up capital will cost 40 million US dollars (about 251 million yuan), which will be shared by them and Bridgestone.
TJ Higgins, head of Bridgestone North America, said: "For US distributors and retailers, it is critical to be able to provide customers with satisfactory tires on time."
He believes that the establishment of TireHub can provide more tire options for end customers.
According to Goodyear's estimates, before 2020, TireHub's annual operating income could be increased by 80 million to 100 million US dollars (about 502 million-6.28 billion yuan).
Some analysts believe that the tire distribution business in the US market is in the stage of integration. Not long ago, Michelin and Sumitomo Corporation jointly established NTW to achieve a win-win goal.