Goodyear to Acquire Ventech Systems from Grenzebach Maschinenbau
AKRON, Ohio, Sept. 20, 2017 /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ: GT) announced today that it has agreed to acquire Ventech Systems GmbH, a leader in automated tire inspection technology, from Grenzebach Maschinenbau GmbH.
Ventech Systems (https://ventech.de/en), based in Dorsten, Germany, delivers innovative measuring devices for the vehicle industry. The company was founded in 2006. It provides a fully-automated tire inspection system that quickly and easily checks tire pressure, tread depth and vehicle weight for buses, trucks, cars and other vehicles.
"Over the past three years, our Goodyear Proactive Solutions business has collaborated with Ventech Systems to integrate its data gathering and analysis capabilities into our fleet management solution," said Christopher Helsel, Goodyear vice president and chief technology officer. "Feedback from our fleet customers has been excellent, and we view this as an important opportunity to enhance our service and value proposition for customers."
"Goodyear and Ventech Systems are both companies founded and driven by innovation," said Andreas Pietsch, Ventech Systems chief operating officer and business manager. "Goodyear's strong market presence enables additional worldwide growth opportunities for Ventech Systems. We are excited to support Goodyear's fleet customers with our unique technology in terms of process optimization, business efficiency and road safety."
Truck tire care and maintenance is one of the largest contributors to commercial fleet uptime and total cost of operations. Last year, Goodyear launched Goodyear Proactive Solutions in the Europe, Middle East and Africa region to provide a full suite of demonstrated Vehicle-To-Fleet operations management solutions supporting fleet owners to improve vehicle and fleet safety, decrease fuel use, reduce their carbon footprint and support the digital transformation of their fleet.
The acquisition of Ventech Systems will further expand Goodyear Proactive Solutions' commercial offerings with an efficient, user-friendly closed loop service enabling fleet operators to measure tire pressure, tread depth and vehicle weight on all their vehicles each time they enter or exit their depot.
In addition to its Goodyear Proactive Solutions mobile tire/fleet management offerings, Goodyear is also working with automakers to provide tire information to vehicle control systems to enhance safety and performance. Earlier this month it announced that it is equipping Tesloop, a city-to-city mobility service that exclusively uses Tesla electric vehicles, with wireless sensors in its tires to improve overall tire management and maximize uptime for its growing fleet.
The transaction is expected to close in the fourth quarter. The business and technology will be integrated into the company's Goodyear Proactive Solutions business.
Goodyear is one of the world's largest tire companies. It employs about 65,000 people and manufactures its products in 47 facilities in 21 countries around the world. Its two Innovation Centers in Akron, Ohio and Colmar-Berg, Luxembourg strive to develop state-of-the-art products and services that set the technology and performance standard for the industry. For more information about Goodyear and its products, go to www.goodyear.com/corporate. GT-FN
Certain information contained in this press release constitutes forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. There are a variety of factors, many of which are beyond our control, that affect our operations, performance, business strategy and results and could cause our actual results and experience to differ materially from the assumptions, expectations and objectives expressed in any forward-looking statements. These factors include, but are not limited to: our ability to implement successfully our strategic initiatives; actions and initiatives taken by both current and potential competitors; increases in the prices paid for raw materials and energy; a labor strike, work stoppage or other similar event; foreign currency translation and transaction risks; deteriorating economic conditions or an inability to access capital markets; work stoppages, financial difficulties or supply disruptions at our suppliers or customers; the adequacy of our capital expenditures; our failure to comply with a material covenant in our debt obligations; potential adverse consequences of litigation involving the company; as well as the effects of more general factors such as changes in general market, economic or political conditions or in legislation, regulation or public policy. Additional factors are discussed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.
View original content with multimedia:http://www.prnewswire.com/news-releases/goodyear-to-acquire-ventech-systems-from-grenzebach-maschinenbau-300522448.html
SOURCEThe Goodyear Tire & Rubber Company
