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.
"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."
Goodyear intends to use transaction proceeds to reduce leverage
and fund initiatives in connection with the Goodyear Forward
transformation plan.
Evercore acted as exclusive financial advisor and Sullivan &
Cromwell LLP acted as legal advisor to Goodyear.
About The Goodyear Tire & Rubber Company
Goodyear 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.
Forward-Looking Statements
This 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.
Such 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
transaction; actions and initiatives taken by both current and
potential competitors; increases in the prices paid for raw
materials and energy; inflationary cost pressures; delays or
disruptions in our supply chain or the provision of services to us;
a prolonged economic downturn or period of economic uncertainty;
deteriorating economic conditions or an inability to access capital
markets; a labor strike, work stoppage, labor shortage or other
similar event; financial difficulties, work stoppages, labor
shortages or supply disruptions at our suppliers or customers; the
adequacy of our capital expenditures; changes in tariffs, trade
agreements or trade restrictions; foreign currency translation and
transaction risks; our failure to comply with a material covenant
in our debt obligations; potential adverse consequences of
litigation involving the Company; as well as the effects of more
general factors such as changes in general market, economic or
political conditions or in legislation, regulation or public
policy. Additional factors are discussed in our filings with the
Securities and Exchange Commission, including our annual report on
Form 10-K, quarterly reports on Form 10-Q and
current reports on Form 8-K. In addition, any
forward-looking statements represent our estimates only as of today
and should not be relied upon as representing our estimates as of
any subsequent date. While we may elect to update forward-looking
statements at some point in the future, we specifically disclaim
any obligation to do so, even if our estimates change.
CONTACT:
DOUG
GRASSIAN
330.796.3855
DOUG_GRASSIAN@GOODYEAR.COM
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SOURCE The Goodyear Tire & Rubber Company
