The Goodyear Tire & Rubber Company has completed the sale of its off-the-road (OTR) tire business to The Yokohama Rubber Company, Limited, effective February 3, 2025. This all-cash transaction was valued at approximately $905 million, marking a significant milestone in Goodyear's ongoing transformation.
Goodyear Chief Executive Officer and President Mark Stewart stated that the sale streamlines Goodyear's portfolio, drives further efficiencies, and enhances the company's focus on its core industry-leading products and services. This divestiture is a key action under the Goodyear Forward transformation plan.
The proceeds from this transaction are intended to be used by Goodyear to reduce leverage and fund other initiatives associated with the Goodyear Forward plan. This move is expected to strengthen the company's financial position and support its strategic objectives for margin expansion and debt reduction.
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