Manufacturing Industry
News in Brief
Rubber & Plastics News, May, 2002
Goodyear raises Sava stake
KRANJ, Slovenia-Goodyear has increased its ownership stake in Slovenia's Sava Tires to 80 percent and secured the right to buy the remaining 20 percent during 2004 and 2005.
Goodyear paid $38.5 million recently to local shareholders for a 20-percent stake in Sava, the Kranj-based unit that posted sales of more than $230 million last year. Goodyear has invested more than $90 million in the company since buying into it in 1998. The plant makes more than 6 million car, light truck and medium truck tires a year and employs 1,400.
``We are very pleased to further strengthen our position with Sava Tires,'' said Jarro Kaplan, president of Goodyear's eastern Europe, Middle East and Africa region. ``Since acquiring a 60-percent...
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