Divestiture of non-core assets “progressing well”

In November 2023, Goodyear announced that its Chemical business, OTR operation and Dunlop brand rights were all being “strategically reviewed” with a view to raising more combined revenue of north of $2 billion from their sale. Since then, we have covered the latest indications that Sumitomo Rubber Industries is not only the most likely candidate to buy the Dunlop rights, but has actually signalled its corporate interest. At the same time, we have analysed the likely ball-park for a purchase of Goodyear’s Dunlop rights. Meanwhile, financial analysts have flagged Continental AG as a potential bidder for the Goodyear OTR tyre business. With that in mind, what’s the latest from Goodyear’s Akron headquarters from the company’s first-half 2024 conference call?
The process relating to each one of the assets is “well underway”. And Goodyear is “exactly where we expected to be” at this point, according to Zamarro. In addition, the company should be in a position to give a more fulsome explanation of process relating to the sale of “one or more” of the three assets subject to strategic review by “mid-year” or, put another way the “the second-half 2024 conference call”. In summary, things are said to be “progressing and progressing well” but officials weren’t giving too much away at the first-quarter 2024 conference call.
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