Goodyear buys Evansville-based tire and service company

EVANSVILLE, Ind. (AP) - Goodyear Tire & Rubber Company has purchased an Evansville-based company that's one of the Midwest's largest tire and service companies.

Goodyear announced Monday it had bought Raben Tire Company in a stock deal that includes all of Raben Tire's businesses.

Goodyear spokeswoman Barbara Hatala said Raben will become part of Goodyear's company-owned network but will continue to operate with its own name for the immediate future.

Raben was founded in Evansville in 1952 and now includes more than 30 tire and service locations, multiple retread production plants, a specialty tire house and wholesale distribution centers, the Evansville Courier & Press reported.

Raben has been owned since 2014 by affiliates of Palladium Equity Partners, LLC, a New York City-based middle market private equity firm with about $3 billion in assets under management.

Raben CEO Scott Cisney said in a statement that the company is 'Å“pleased to join the Goodyear family of industry-leading products and services and align with one of the most beloved and recognized brands in the world."

Akron, Ohio-based Goodyear is one of the world's largest tire companies, with 47 manufacturing facilities in 21 nations.