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GoodYear Tire ( (GT) ) just unveiled an announcement.
Goodyear Tire & Rubber Company has entered into an agreement to sell its rights to the Dunlop brand for consumer, commercial, and specialty tires in Europe, North America, and Oceania to Sumitomo Rubber Industries for $526 million, with an additional $105 million Transition Support Fee. The deal, expected to close by mid-2025, is part of Goodyear’s strategy to optimize its brand portfolio and reduce leverage, aligning with their Goodyear Forward transformation plan. Goodyear will continue producing Dunlop tires in Europe temporarily and will supply tires to Sumitomo under a five-year Transition Offtake Agreement, which will help maintain service levels for existing customers.
More about GoodYear Tire
Goodyear Tire & Rubber Company is one of the world’s largest tire companies, employing about 71,000 people and operating 54 facilities across 21 countries. The company focuses on developing state-of-the-art tire products and services through its Innovation Centers in Akron, Ohio, and Colmar-Berg, Luxembourg.
YTD Price Performance: 0.91%
Average Trading Volume: 5,166,251
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $2.46B
For an in-depth examination of GT stock, go to TipRanks’ Stock Analysis page.
