Goodyear to Sell Off-the-Road Tire Business to Yokohama for $905M
Portfolio Pulse from Benzinga Newsdesk
Goodyear Tire & Rubber Company (NASDAQ:GT) has agreed to sell its Off-the-Road (OTR) tire business to Yokohama Rubber Company for $905 million in cash. The sale is part of Goodyear's strategic Goodyear Forward transformation plan. The transaction is expected to close by early 2025, subject to regulatory approvals.
July 22, 2024 | 7:06 am
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Goodyear is selling its Off-the-Road tire business to Yokohama for $905 million as part of its Goodyear Forward transformation plan. The transaction is expected to close by early 2025, subject to regulatory approvals.
The sale of the OTR business is a significant step in Goodyear's transformation plan, which could positively impact its financial health by reducing leverage and funding new initiatives. The market is likely to view this as a positive development, leading to a potential short-term increase in stock price.
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