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Tag Archives: Sumitomo Rubber Industries
Goodyear to Sell Dunlop Brand to Sumitomo Rubber Industries
The Goodyear Tire & Rubber Company (NASDAQ: GT) has announced that it has signed a definitive agreement to sell the Dunlop brand, together with certain associated intellectual property, to Sumitomo Rubber Industries Ltd. (TYO: 5110). The deal includes trademarks and intangible assets necessary for operations of the brand business in Europe, North America and Oceania for consumer, commercial and other specialty tires. The transaction is subject to regulatory approvals, other customary closing conditions and consultations and is expected to close by mid-2025.
“This is another important milestone as we continue to execute against our Goodyear Forward transformation plan. We are optimizing our portfolio and reducing leverage to drive sustainable and substantial shareholder value creation,” said Mark Stewart, Goodyear Chief Executive Officer and President. “Not only does the transaction deliver significant value for our shareholders, it better positions Goodyear to enhance our focus on the growth of our core brands.” Continue reading
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Tagged auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, Christina Zamarro, Dunlop tire brand, Dunlop trademarks, Goodyear Tire & Rubber Company, Ken Zino, Mark Stewart, Sumitomo Rubber Industries, X @KenAutoinformed
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Goodyear Completes Sale of Dunlop Brand
The Goodyear Tire & Rubber Company* (NASDAQ: GT) said today that it has completed the previously announced sale of the Company’s rights to the Dunlop brand in Europe, North America and Oceania for consumer, commercial and other specialty tires, together with certain associated intellectual property and inventory, to Sumitomo Rubber Industries Ltd (TYO: 5110). Gross cash proceeds at closing totaled $735 million, comprised of $526 million for the Dunlop brand, $105 million for a transition support fee and $104 million for inventory. Goodyear said it intends to use the transaction proceeds to reduce leverage in connection with the so-called Goodyear Forward transformation plan. Continue reading →