Sumitomo Rubber Industries (TYO:5110) has acquired the Dunlop trademark and other rights for tires for four-wheel vehicles in Europe, North America, and Oceania from The Goodyear Tire & Rubber Co. for $526 million, according to a Wednesday filing on the Tokyo Stock Exchange.
The deal aims to expand Sumitomo Rubber's premium product offerings globally. The cash transaction is set to close in May 2025 using the company's own and borrowed funds.
Together with the acquisition price, an additional $105 million will paid for expenses for sale support services. Sumitomo Rubber will also buy the tire inventory valued at about $70 million as estimated by the US tire company.
Sumitomo Rubber shares rose 3% in morning trade Thursday.
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