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Sumitomo to buy U.S. tire retailer for estimated 120 billion yen.
Sep. 19--TOKYO -- Sumitomo Corp. said Monday it has agreed with TBC Corp., a U.S. automobile tire retailer, to purchase all TBC shares by the end of the year through a friendly takeover.
The deal, the largest corporate acquisition for the Japanese trading house, is estimated to cost 120 billion yen, industry sources said.
TBC is based in Florida and traded on the Nasdaq stock market.
Sumitomo has a wholly owned tire sales subsidiary, Treadways Corp., based in Pennsylvania, but it mainly engages in wholesaling to retail stores, and its ...
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Source: HighBeam Research, Sumitomo to buy U.S. tire retailer for estimated 120 billion yen.