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Goodyear Tire & Rubber Company (NASDAQ: GT) has announced the sale of its Off-the-Road (OTR) tire business to Yokohama Rubber Company for $905 million in cash. This move is part of Goodyear's strategic review and transformation plan, Goodyear Forward. The deal excludes OTR tires for U.S. military and defense applications, which Goodyear will retain. As part of the agreement, Goodyear will continue to manufacture certain OTR tires for Yokohama for up to five years post-closing.
The transaction, expected to close by early 2025, is subject to regulatory approvals and other conditions. Goodyear plans to use the proceeds to reduce leverage and fund initiatives related to its transformation plan. Evercore is acting as the financial advisor, while Sullivan & Cromwell LLP serves as the legal advisor for Goodyear in this deal.
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