The Goodyear Tire & Rubber Company, an American multinational tire manufacturing company, completed the acquisition of Cooper Tire & Rubber Company, an American company that specializes in the design, manufacture, marketing and sales of replacement automobile and truck tires, for $2.5bn. "This is an exciting and transformational day for our companies. 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," Richard J. Kramer, Goodyear Chairman, CEO and President.