Goodyear Completes Divestiture of Chemical Business

Core Points - Goodyear Tire & Rubber Company has completed the divestiture of the majority of its Goodyear Chemical business to Gemspring Capital Management for $650 million, effective October 31, 2025, receiving approximately $580 million in cash proceeds after working capital adjustments [1][2] - The divestiture is part of Goodyear's transformation program, Goodyear Forward, which has generated total gross proceeds of approximately $2.2 billion from planned asset sales, allowing the company to focus on its core products and services [1][2] - The sale includes Goodyear Chemical facilities in Houston and Beaumont, Texas, and a research office in Akron, Ohio, while retaining facilities in Niagara Falls, New York, and Bayport, Texas [1] Financial Strategy - Goodyear intends to utilize the proceeds from the transaction for debt reduction and to fund initiatives related to the Goodyear Forward transformation plan [2] Company Overview - Goodyear is one of the largest tire companies globally, employing about 68,000 people and operating 51 manufacturing facilities across 19 countries [3]