On May 2, The Yokohama Rubber Co., Ltd. announced that its acquisition of Trelleborg Wheel Systems has been successfully completed for a little more than $2.28 billion USD.

Trelleborg said it will officially be part of Yokohama operating under the name “Yokohama TWS” as a new company, according to a news release.

“Today we are closing a successful chapter in our history with the Trelleborg Group and opening a new page with a leading player in the tire industry, sharing our values and vision for the future,” said Paolo Pompei, former President of Trelleborg Wheel Systems and current President and CEO of Yokohama TWS. “Over the last few years, we have delivered continuous business growth combining strategic acquisitions with dedicated investments, and this has allowed us to build a strong and sustainable platform supported by a global manufacturing footprint, innovative products and solutions and an extensive sales network in close proximity to our customers. I’m extremely proud of what the TWS team has been able to achieve so far and we are all honored that Yokohama has decided to invest in us, building together with their existing business, a new leading player in the off-highway segment.”

Yokohama TWS said it will operate with no change to its organizational structure.

Based in Hiratsuka, Japan, Yokohama is a global leader in the tire industry and other rubber applications, including as conveyor belts, hoses & couplings and fenders.