WESTPORT, Conn., May 22, 2025 /PRNewswire/ -- Gemspring Capital Management, LLC ("Gemspring"), a middle-market private equity firm, is pleased to announce that an affiliate has entered into a definitive agreement to acquire The Goodyear Tire & Rubber Company's (NASDAQ: GT) ("Goodyear" or the "Company") polymer chemicals business ("Goodyear Chemical" or the "Business"). The acquisition includes two operating plants located in Houston and Beaumont, Texas, and a research and development facility located in Akr ...

Core Viewpoint - Goodyear Tire & Rubber Company has signed a definitive agreement to sell the majority of its Goodyear Chemical business to Gemspring Capital Management for approximately $650 million, as part of its strategic transformation plan [1][2][3]. Group 1: Transaction Details - The transaction involves the sale of Goodyear Chemical facilities located in Houston and Beaumont, Texas, along with a research office in Akron, Ohio [2]. - Goodyear will receive cash proceeds of approximately $650 million at closing, subject to post-closing adjustments [2]. - A long-term supply agreement is included in the transaction terms [2]. Group 2: Strategic Implications - The sale reflects Goodyear's commitment to optimizing its portfolio and enhancing shareholder value [3]. - Proceeds from the transaction will be used to reduce leverage and fund initiatives related to the Goodyear Forward transformation plan [3]. Group 3: Operational Impact - Goodyear will retain its Chemical facilities in Niagara Falls, New York, and Bayport, Texas, along with rights to the products produced at these locations [4]. - The transaction is subject to regulatory approval and other customary closing conditions, with an expected closing date by late 2025 [3]. Group 4: Advisory Support - Lazard is acting as the lead financial advisor, Deutsche Bank is serving as a financial advisor, and Squire Patton and Boggs is providing legal advice to Goodyear [5]. Group 5: Company Overview - Goodyear is one of the largest tire companies globally, employing about 68,000 people and operating 53 facilities in 20 countries [6]. - The company has two Innovation Centers located in Akron, Ohio, and Colmar-Berg, Luxembourg, focusing on developing advanced products and services [6].