Goodyear to buy Cooper Tire for US$2. billion, nearly doubles presence in China NEW YORK: Goodyear Tire Rubber Co said it would buy Cooper Tire Rubber Co in a US$2.8 billion (RM11.32 billion) deal to beef up its portfolio in the high-margin light truck and SUV segments and strengthen its presence in North America and China. Shares of Cooper, which has historically had stronger margins than Goodyear, jumped 20% in morning trade while Goodyear stock was up 3.4%. The deal, announced on Monday, nearly doubles Goodyear's presence in China and broadens distribution for Cooper replacement tyres through Goodyear's network of 2,500 retail stores in the country. US and China, the two largest tyre markets in the world, account for about one-third of global industry volume. The combined company will also benefit from Goodyear's original equipment and Cooper's strength in the rapidly growing light truck and SUV product segments. The global tyre industry was hard hit in 2020 as the Covid-19 pandemic led to a sharp decline in demand for replacement tyres and original equipment, forcing automakers to halt production.