Bridgestone Americas Holding, Inc. and Bandag Inc. said Tuesday that they have an agreement under which Bridgestone will purchase Bandag for $1.05 billion.
The deal is expected to close in the first quarter or early in the second quarter of 2007.
Based in Iowa, Bandag is a manufacturer of tire retreading materials and equipment that produces and markets retreaded tires and provides tire management services. In 2005, it had sales of $921 million and following the acquisition, will be a wholly owned subsidiary of Bridgestone Americas Holding.