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On 5 December 2006, Bridgestone Americas and Bandag, Inc. announced a merger agreement whereby Bridgestone would acquire Muscatine, Iowa–based Bandag, Inc., a leading truck tire re–treader that was founded in 1957 and had over 900 franchised dealers worldwide at the time. In announcing the merger, Bridgestone's president in Tokyo explained:
It is estimated that these tire failures and rollovers cost Bridgestone/Firestone $1.67 billion [72] and Ford Motor Company $530 million. Bridgestone's market price dropped by 50% and the resulting restructuring cost Bridgestone $2 billion. In 2001, Ford recorded a loss of $5.5 billion. [59]