Goodyear Sells OTR Tire Business To Yokohama For $905M: Details
Portfolio Pulse from Shivani Kumaresan
Goodyear Tire & Rubber Company (NASDAQ:GT) has agreed to sell its Off-the-Road (OTR) tire business to The Yokohama Rubber Company for $905 million in cash. The sale is part of Goodyear's broader transformation plan and is expected to close by early 2025. The proceeds will help reduce debt and support other initiatives.
July 22, 2024 | 9:55 am
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Goodyear is selling its OTR tire business to Yokohama for $905 million, which will help reduce debt and support its transformation plan. The transaction is expected to close by early 2025.
The sale of the OTR business is a significant step in Goodyear's transformation plan, providing substantial cash to reduce debt and support other initiatives. This is likely to have a positive short-term impact on the stock price.
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