The Goodyear Tire & Rubber Company announced it has signed a definitive agreement to sell the majority of its Goodyear Chemical business to Gemspring Capital Management, LLC. This transaction follows a previously announced strategic review of the Chemical business as part of the Goodyear Forward transformation plan.
Gemspring Capital will pay Goodyear approximately $650 million in cash proceeds at closing, subject to certain post-closing adjustments. The sale includes Goodyear Chemical facilities in Houston and Beaumont, Texas, and a related research office in Akron, Ohio. Goodyear will retain its Chemical facilities in Niagara Falls, New York, and Bayport, Texas, along with rights to products produced there.
The transaction is subject to regulatory approval and other customary closing conditions, with an expected close by late 2025. Goodyear intends to use the proceeds from this sale to reduce leverage and fund initiatives related to the Goodyear Forward transformation plan, further optimizing its portfolio and creating shareholder value.
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