GREENVILLE, SC – Michelin North America, Inc. has signed a definitive agreement to acquire Oliver Rubber Company, a subsidiary of Cooper Tire & Rubber Company, which produces tread rubber and retreading equipment. The acquisition will be completed upon receipt by the parties of necessary regulatory approvals. Following the acquisition, Oliver will operate as a subsidiary of Michelin North America, Inc.

This acquisition will complement the manufacturing capability and service network of Oliver with that of the Michelin Retread Technologies network, enabling Michelin to extend its reach in the growing commercial retreading market. In 2005, Michelin announced a major expansion of its tread manufacturing facility in Covington, Ga., and earlier this month the opening of a new manufacturing facility in Mexico.

The terms of the transaction include a cash purchase price of $69 million. The transaction is subject to final due diligence as well as Federal Trade Commission and U.S. Department of Justice approval.