Goodyear sold its OTR tire business to Yokohama Rubber for $905m
Goodyear Tire & Rubber Co. announced Monday that it has signed a definitive agreement to sell its off-the-road (OTR) business to Yokohama Rubber Co. for $905 million in cash. The deal follows Goodyear’s announcement that it would conduct a strategic review of its OTR business to align with its future transformation plan.
Goodyear’s OTR business provides industry-leading OTR tires for the global open-pit and underground mining, construction and quarry, port and industrial end markets, including a full line of products, services and tire management solutions to help customers optimize operations, increase productivity and efficiency.
“The sale of the OTR business is an important milestone in our continued execution of the Goodyear Forward transformation plan,” said Mark Stewart, Goodyear’s chief executive officer and president. “We are very grateful to the OTR team for their success and their commitment to work closely with Yokohama to ensure a smooth transition for customers and employees.”