Goodyear sells chemical business for $650 million

Following the sale of its rights to the Dunlop brand to Sumitomo; and the sale of Goodyear OTR to Yokohama, The Goodyear Tire & Rubber Company has signed a definitive agreement to sell the majority of its Goodyear Chemical business to Gemspring Capital Management, LLC. By doing so, Goodyear has completed the three-part sale of its non-core assets identified in its Goodyear Forward transformation plan. And by raising $650 million for the sale of the chemical business, combined with $905 million for Goodyear OTR and $701 million for its Dunlop rights, that means Goodyear has raised a total in the region of $2.256 billion from the sale of its non-core assets. In other words, Goodyear has achieved its goal of raising “in excess of $2 billion”.