Bandag, Inc.

On 5 December 2006, Bridgestone Americas and Bandag Inc. announced a merger agreement whereby Bridgestone would acquire Muscatine, Iowa-based Bandag, Inc., a leading truck tire re-treader that was founded in 1957 and had over 900 franchised dealers worldwide at the time. In announcing the merger, Bridgestone's president in Tokyo explained: “Higher fuel prices are prompting customers to cut costs [by using retreads]. It takes time and costs to develop this size of business. We were able to get that all at once.”

The transaction was valued at approximately US$1.05 billion. On 31 May 2007, the agreement was consummated and Bridgestone Americas acquired the outstanding shares of Bandag stock for US$50.75 per share. The unit was renamed Bridgestone Bandag, LLC and Saul Solomon was appointed to the position of chairman, CEO and President. Previously, Solomon served as Vice President and General Counsel of BSAH. In the four years following the acquisition, Bandag's headquarters remained in Muscatine, although some processes and functions were consolidated and/or transferred to other facilities. In November 2010, corporate headquarters were moved to Nashville. In May 2011, the unit was renamed Bridgestone Commercial Services Group, eliminating the name "Bandag".

Subject ID: 35621

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On 5 December 2006, Bridgestone Americas and Bandag Inc. announced a merger agreement whereby Bridgestone would acquire Muscatine, Iowa-based Bandag, Inc., a leading truck tire re-treader that was founded in 1957 and had over 900 franchised dealers worldwide at the time. In announcing the merger, Bridgestone's president in Tokyo explained: “Higher fuel prices are prompting customers to cut costs [by using retreads]. It takes time and costs to develop this size of business. We were able to get that all at once.”

The transaction was valued at approximately US$1.05 billion. On 31 May 2007, the agreement was consummated and Bridgestone Americas acquired the outstanding shares of Bandag stock for US$50.75 per share. The unit was renamed Bridgestone Bandag, LLC and Saul Solomon was appointed to the position of chairman, CEO and President. Previously, Solomon served as Vice President and General Counsel of BSAH. In the four years following the acquisition, Bandag's headquarters remained in Muscatine, although some processes and functions were consolidated and/or transferred to other facilities. In November 2010, corporate headquarters were moved to Nashville. In May 2011, the unit was renamed Bridgestone Commercial Services Group, eliminating the name "Bandag".

Subject ID: 35621

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