Bridgestone, Bandag deal formally done

Nashville Tennessee - Bridgestone Americas Holding Inc. (BAH) has completed its $1050 million cash buyout of Bandag Inc. The deal formally closed last Thursday, 31 May. Trading of Bandag shares ceased at the close of business May 31, BAH said.

“This combination is a natural fit, signaling the beginning of an enhanced level of service and technology for our customers while providing the same great level of quality,” said BAH Chairman and CEO Mark Emkes. “By combining our businesses, Bandag and Bridgestone Americas will provide even better service to our customers by offering a comprehensive tyre maintenance solution, backed by a complete line of new and retread truck tyre offerings. Today, our two companies are one family.”

Saul Solomon, formerly vice president and general counsel for BAH, has been named chairman, CEO and president of Bandag, succeeding Martin Carver, whose family founded the retread materials and equipment supplier in 1957.

“It's a real privilege to have the opportunity to work with such an accomplished group of professionals,” Solomon said in a statement. “Both Bridgestone and Bandag are recognised leaders in their respective industries. Through the shared resources of tyre and retread techonologies, our customers will have the benefit of even better products and services.”

Solomon and his family are relocating to Muscatine, where BAH has stated Bandag's headquarters will remain.

Carver will remain in an advisory role to Solomon and his team. It is not yet known what other endeavors he will pursue.

“I can't say enough about the people of Bandag-not just for what they've accomplished, but how they've accomplished it,” Carver said.

Carver added that Bandag's customers-fleets and dealers-will be able to have a total tyre solutions offering. “The alignment of Bandag with Bridgestone Americas will result in a force that will be unmatched in our industry,” he said.

From Tire Business (A Crain publication)