Tire maker Firestone has bought a majority stake in one of its customers, private tire retailer Morgan Tire & Auto, with plans to fully acquire the company. (Acquisitions, Expansions).Tire maker 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. has bought a majority stake in one of its customers, private tire retailer Morgan Morgan, American family of financiers and philanthropists. Junius Spencer Morgan, 1813–90, b. West Springfield, Mass., prospered at investment banking. Tire & Auto, with plans to fully acquire the company. Clearwater Clearwater, city, United States Clearwater, residential and resort city (1990 pop. 98,784), seat of Pinellas co., W central Fla., on the Pinellas peninsula, between Clearwater Bay and the Gulf of Mexico; inc. 1891. , FL-based Morgan Tire, which operates 558 retail locations and employs about 6,000 people nationwide, said it will run as an independent subsidiary of Bridgestone/Firestone, the Nashville, TN-based unit of Japanese tire maker Bridgestone. Financial terms and a timetable for the deal were not immediately disclosed. Morgan Tire said it 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 its retail locations Tires Plus, including those stores currently operating under other names. The retailer will continue to sell Bridgestone and Firestone tires, as well as competitors' products. |
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