听The Goodyear Tire & Rubber Company has completed the previously announced divestiture of its off-the-road (OTR) tire business to The Yokohama Rubber Company, Limited, effective February 3, 2025, in an all-cash transaction valued at approximately $905 million.听
鈥淭he sale of the OTR business is a significant milestone in Goodyear鈥檚 transformation,鈥� said Goodyear Chief Executive Officer and President Mark Stewart. 鈥淥ur portfolio is now more streamlined, driving further efficiencies and enhancing our focus on our core industry-leading products and services.鈥�听
Goodyear intends to use transaction proceeds to reduce leverage and fund initiatives in connection with the Goodyear Forward transformation plan.听Evercore acted as exclusive financial advisor and Sullivan & Cromwell LLP acted as legal advisor to Goodyear.听