Business
Goodyear Completes Divestiture Of Off-The-Road (OTR) Tire Business
AKRON, Ohio, Feb. 3, 2025 /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ: GT) ("Goodyear" or the "Company") has completed the previously announced
About this update from The Goodyear Tire & Rubber Company
[{"type":"text","content":"AKRON, Ohio, Feb. 3, 2025 /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ: GT) (\"Goodyear\" or the \"Company\") has completed the previously announced divestiture of its off-the-road (OTR) tire business to The Yokohama Rubber Company, Limited, effective February 3, 2025, in an all-cash transaction valued at approximately $905 million.\n\n \n \n \n \n \n \n\n \n\"The sale of the OTR business is a significant milestone in Goodyear's transformation,\" said Goodyear Chief Executive Officer and President Mark Stewart. \"Our portfolio is now more streamlined, driving further efficiencies and enhancing our focus on our core industry-leading products and services.\"\nGoodyear intends to use transaction proceeds to reduce leverage and fund initiatives in connection with the Goodyear Forward transformation plan.\nEvercore acted as exclusive financial advisor and Sullivan & Cromwell LLP acted as legal advisor to Goodyear.\nAbout The Goodyear Tire & Rubber Company\nGoodyear is one of the world's largest tire companies. It employs about 68,000 people and manufactures its products in 53 facilities in 20 countries around the world. Its two Innovation Centers in Akron, Ohio, and Colmar-Berg, Luxembourg, strive to develop state-of-the-art products and services that set the technology and performance standard for the industry. For more information about Goodyear and its products, go to www.goodyear.com/corporate.\nForward-Looking Statements\nThis news release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Exchange Act.\nSuch forward-looking statements include, but are not limited to, statements relating to the transaction, including statements regarding the benefits of the transaction. There are a variety of factors, many of which are beyond our control, that affect our operations, performance, business strategy and results and could cause our actual results and experience to differ materially from the assumptions, expectations and objectives expressed in any forward-looking statements. These factors include, but are not limited to: our ability to implement successfully the Goodyear Forward plan and our other strategic initiatives; risks relating to our ability to achieve the anticipated benefits from the transacti...