LONDON, UK / ACCESSWIRE / September 22, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for The Goodyear Tire & Rubber Co. (NASDAQ: GT) ("Goodyear"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=GT. The Company, which is one of the largest tire Companies of the world, announced its decision to acquire Ventech Systems GmbH ("Ventech"), a leader in automated tire inspection technology, from Grenzebach Maschinenbau GmbH. This acquisition aligns with Goodyear's innovation strategy as well its connected business model. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Transaction Closing Details
- Post the transaction closing, which is expected in the fourth quarter of 2017; the business and technology of Ventech Systems will be integrated into the Goodyear Proactive Solutions business.
- However, the financial details about the transaction have not yet been disclosed.
New Technology to be integrated into Goodyear's Proactive Solutions business
Nowadays, truck tire care and maintenance is one of the biggest contributors to commercial fleet uptime and total cost of operations. Therefore, Goodyear launched its Goodyear Proactive Solutions in 2016 in the Europe, Middle-East, and Africa (EMEA) region to offer a full range of demonstrated Vehicle-To-Fleet operations management solutions assisting fleet owners to enhance vehicle and fleet safety, reduce fuel use, decrease and lower their carbon footprint. Moreover, it also helps them improve the digital transformation of their fleet.
Ventech was founded in 2006, and since then it has been working towards delivering innovative measuring devices for the vehicle industry. The Dorsten, Germany-based Company offers a fully-automated tire inspection system that rapidly checks tire pressure, tread depth and vehicle weight for buses, trucks, cars and other vehicles.
The acquired technology of Ventech Systems would be integrated into Goodyear's Proactive Solutions business. Consequently, it would expand Goodyear Proactive Solutions' commercial offerings with an efficient, user-friendly closed-loop service enabling fleet operators to gauge tire pressure, tread depth and vehicle weight on all their vehicles each time they enter or exit their depot.
Acquisition to Enhance Goodyear's mobile tire/fleet management solutions capabilities
Christopher Helsel, Vice President and Chief Technology Officer at Goodyear, highlighted that Goodyear Proactive Solutions business has been working with Ventech Systems to integrate the latter company's data gathering and analysis capabilities into Goodyear's fleet management solution for more than three years now. And so far, the feedback from fleet customers has been outstanding. The acquisition is, thus, an important opportunity for Goodyear to improve its service and value proposition for customers.
Ventech to Benefit from Goodyear's Strong Market Presence
Andreas Pietsch, Chief Operating Officer and Business Manager at Ventech Systems, shared his views about the acquisition. He brought to notice that both Goodyear and Ventech Systems were founded and driven by innovation. He expects that Goodyear's strong market presence would create additional global growth opportunities for Ventech Systems. Furthermore, he expressed his excitement on assisting Goodyear's fleet customers with Ventech's unique technology in terms of process optimization, business efficiency, and road safety.
Goodyear to Work with Mobility Service to Improve Tire Management
Acquisition of Ventech is the second move this month by Goodyear to focus on technology-driven tire maintenance.
The Company is also collaborating with automakers to provide tire information to vehicle control systems to improve safety and performance. On September 08, 2017, Goodyear declared that it is equipping Tesloop, a city-to-city mobility service that solely uses Tesla electric vehicles, with wireless sensors in its tires to enhance overall tire management and heighten uptime for its growing fleet.
About Goodyear Tire and Rubber Co.
Goodyear, the leading tire Company, employs over 65,000 people and manufactures its products in 47 facilities in 21 countries around the world. The Company has two Innovation Centers in Akron, Ohio, and Colmar-Berg, Luxembourg, which work to develop state-of-the-art products and services setting the technology and performance standard for the industry.
Last Close Stock Review
On Thursday, September 21, 2017, the stock closed the trading session at $32.46, slightly up 0.59% from its previous closing price of $32.27. A total volume of 1.41 million shares have exchanged hands. Goodyear Tire & Rubber's stock price advanced 8.42% in the last one month and 1.28% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have gained 5.15%. The stock is trading at a PE ratio of 7.12 and has a dividend yield of 1.23%. The stock currently has a market cap of $8.18 billion.
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