Michelin finalizes Oliver buy

Michelin North America has announced the acquisition of tread rubber and retreading equipment manufacturer Oliver Rubber Company from Cooper Tire & Rubber Company. Oliver will now operate as a subsidiary of Michelin North America, Inc.

The acquisition, which includes a cash purchase of $69 million, extends Michelin’s tread manufacturing capacity and the commercial reach of Michelin’s services throughout North America’s retreading market.

The U.S. Federal Trade Commission granted an early termination of the standard waiting period allowing the acquisition to proceed.