1 Jun 2007
Muscatine, Iowa - Bridgestone Americas Holding Inc. (BAH) will finalise its $1050 million (€780 million) acquisition of Bandag Inc. today (1 June) during a ceremony at Bandag's Muscatine headquarters.
The celebration, dubbed “Bringing the Best Together,†will include lunch for Bandag employees and a hand-off of the Bandag Bandit race truck from Martin Carver, former Bandag chairman and CEO, to his successor, Saul Solomon, who will serve as chairman, CEO and president of Bandag.
A 14-year veteran of BAH, Solomon recently served as BAH vice president and general counsel. Mr. Carver will remain with the company for “an undefined amount of time†in an advisory capacity, the company said.
BAH, which announced its bid at the end of 2006, acquired the retreading materials supplier and franchisor for $50.75 per share. The Nashville-based tyre maker gains all of Bandag's subsidiaries and its global network of more than 900 franchised retread plants-including 386 in the US and Canada collectively operated by 186 dealerships. BAH operates 21 Bandag plants under its GCR Tire Centers commercial tyre unit while Bandag operates 15 through its Tire Distribution Systems subsidiary.
From Tire Business (A Crain publication)
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