NEW OWNERS: Bridgestone will now operate Bandag after the approval of a takeover bid.
NASHVILLE, Tenn. – Bridgestone Americas Holding’s acquisition of Bandag has received approval and was finalized in early June.
Outstanding shares of Bandag were acquired by Bridgestone for US$50.75 per share.
“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 Mark A. Emkes, chairman and CEO with Bridgestone. “By combining our businesses, Bandag and Bridgestone Americas will provide even better service to our customers by offering a comprehensive tire maintenance solution, backed by a complete line of new and retread truck tire offerings. Today, our two companies are one family.”
Saul Solomon has been appointed chairman, CEO and president of Bandag. He was previously vice-president and general counsel of Bridgestone. Bandag’s headquarters will remain in Muscatine, Iowa.
“Both Bridgestone and Bandag are recognized leaders in their respective industries. Through the shared resources of tire and retread technologies, our customers will have the benefit of even better products and services,” Solomon said.
The transaction marks the end of an era for Margin G. Carver, outgoing Bandag chairman and CEO. His family founded the company in 1957.
“I can’t say enough about the people of Bandag – not just for what they’ve accomplished, but how they’ve accomplished it. That’s always been what set us apart. Now the members of the Bandag family have an exciting new future, provided by the combination of these two great companies,” said Carver. “The real winners will be our customers, both fleets and dealers, who will now be able to take advantage of a total tire offering – a streamlined way to manage customer needs throughout a tire’s life cycle. The alignment of Bandag with Bridgestone Americas will result in a force that will be unmatched in our industry.”
Emkes emphasized Bandag’s brand and hometown will not change as a result of the acquisition.
“There is one significant change, however,” he said. “And that is the fact that two companies which had formerly charted separate courses toward global leadership will now work together to provide superior service and product offerings to our customers.”
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