Bridgestone/Firestone, Inc. Announces Strategic Alliance With Morgan Tire & Auto.Business Editors & Automotive Writers NASHVILLE, Tenn.--(AutomotiveWire)--Aug. 9, 2001 Bridgestone/Firestone, Inc. (BFS BFS Bundesamt Für Statistik BfS Bundesamt für Strahlenschutz (German: federal office for radiation protection) BFS Bowling for Soup (band) BFS Bankable Feasibility Study BFS British Fertility Society ) announced today that it has purchased a majority position in Morgan Tire & Auto, Inc. (MTA (1) (Message Transfer Agent or Mail Transfer Agent) The store and forward part of a messaging system. See messaging system. (2) See M Technology Association. 1. (messaging) MTA - Message Transfer Agent. ), a privately held, independent tire retailer based in Clearwater, Fla. Under a progressive plan, Bridgestone/Firestone will eventually acquire full ownership of the company. Financial terms of the arrangement were not disclosed. "Bridgestone/Firestone is an ideal strategic partner, because we share similar corporate cultures and we are working toward the same goals and objectives," said Larry Morgan, president, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and chairman of MTA. MTA will operate independently as a majority-owned subsidiary majority-owned subsidiary A firm in which more than 50% of outstanding voting stock is owned by the parent company. of BFS. Morgan will continue to manage the company as president, CEO and chairman. MTA will remain an integral part of the Bridgestone/Firestone Family Channel, which includes independent dealers, retailers and company-owned stores. MTA will remain a multi-brand/major brand concept retailer, and will continue to sell Bridgestone, Firestone fire·stone n. 1. A flint or pyrite used to strike a fire. 2. A fire-resistant stone, such as certain sandstones. Noun 1. and competitive products. "This strategic alliance will enable us to solidify our Family Channel and further grow our position in the marketplace," said Shu Ishibashi, president of U.S. Consumer Tire and executive vice president of BFS. "We have a complementary relationship with MTA, our company-owned stores and our dealer networks, and together we can expand our customer base." BFS remains committed to its Family Channel network of independent dealers and company-owned BFS stores. BFS will continue to support all Family Channels members with products, promotions and programs to drive additional retail business. As in the past, MTA will be an important Family Channel member and will follow the directions and guidelines of BFS Family Channel and its area marketing policies. "Customers of Morgan Tire & Auto will see no change in the high level of personal service they have come to rely on from our company," Morgan said. "The overall objective is to continue to improve our service levels for customers." "This relationship provides us with access to opportunities and resources of a larger company, yet we will remain separate and entrepreneurial," Morgan said. "I have a 36-year history with Firestone, first as an employee and then as a customer," Morgan said. "We have a great relationship, and I am very confident in their management team and the way they conduct business." "Morgan Tire & Auto has been a loyal customer for many years and has grown to become one of our largest customers," Ishibashi said. "We look forward to continuing our strong relationship to further the growth and success of both companies." About Bridgestone/Firestone, Inc. Nashville-based Bridgestone/Firestone, Inc., is a subsidiary of Bridgestone Corporation, the world's largest tire and rubber company. Bridgestone/Firestone manufactures and markets Bridgestone, Firestone, Dayton and house and private brand tires. The company also produces Firestone air springs, roofing materials, synthetic rubber synthetic rubber: see rubber. and industrial products. The company employs approximately 35,000 employees in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , more than 15,000 of them in the company's retail network. For further information, visit www.bridgestone-firestone.com. About Morgan Tire & Auto, Inc. Based in Clearwater, Fla., Morgan Tire & Auto is the nation's second largest independent retailer of tires. The company has 558 locations in 25 states across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , employing approximately 6,000 people nationwide. MTA will rename Re`name´ v. t. 1. To give a new name to. Verb 1. rename - assign a new name to; "Many streets in the former East Germany were renamed in 1990" all of its retail centers to "Tires Plus," including stores currently operating under the names Michel Tire, Avellino's, Olson Tire & Auto, Hibdon Tire and Wheel Works. Morgan Tire & Auto sells various brands of tires at their retail locations, including Bridgestone, Continental, Dayton, Falken, Firestone, General, Goodyear, Michelin, Road King and Yokohama. For further information, visit www.tiresplus.com. NOTE TO EDITORS: Firestone will be conducting a media conference call today August 9, 2001 at 2 p.m. CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. (3 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT ). The dial-in information is as follows: Title: Bridgestone-Firestone; Toll free number: 800-946-0742; Confirmation Code: 568723 |
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