Goodyear completes purchase of South Pacific Tyres

Akron, Ohio - Goodyear has completed the acquisition of Ansell Ltd.'s interest in the companies' Australian joint venture, South Pacific Tyres.

Closure of the deal gives Goodyear 100 percent of South Pacific, which makes tyres for distribution in Australia and New Zealand. The move "strengthens Goodyear´s position in these countries and enhances its flexibility and earnings growth prospects in the Asia/Pacific region," according to Pierre Cohade, president of Goodyear's Asia/Pacific business unit.

The purchase should open the door to new opportunities for the company and strengthen Goodyear´s market position, said Joseph Copeland, ceo of South Pacific.

Formed in 1987, South Pacific has annual sales of more than $700 million and a work force of about 4000.

From Press release from Goodyear