Buyer Yokohama Rubber (Il Sole 24 Ore Radiocor) - New Yokr, 22 Jul - The Goodyear Tire & Rubber Company said it has signed a definitive agreement to sell its Off-the-Road (OTR) tire business to The Yokohama Rubber Company for 905 million dollars in cash, following a strategic review of the business in connection with the Goodyear Forward transformation plan.

Goodyear's OTR tire business provides industry-leading OTR tires around the world for surface and underground mining, construction and quarry, and port and industrial end markets.

Goodyear will retain its business providing OTR tires for US military and defense applications. Pursuant to a Product Supply Agreement to be entered into with Yokohama in connection with the closing of the transaction, Goodyear will manufacture certain OTR tires for Yokohama at some of its manufacturing locations for an initial period of up to five years after the closing of the transaction.

The transaction is subject to regulatory approvals, other customary closing conditions and consultations and is expected to close by early 2025.

Goodyear intends to use transaction proceeds to reduce leverage and fund initiatives in connection with the Goodyear Forward transformation plan.

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(RADIOCOR) 22-07-24 11:15:45 (0236) 5 NNNN