Goodyear Enters Agreement For Sale Of OTR Business - Quick Facts

(RTTNews) - The Goodyear Tire & Rubber (GT) has signed a definitive agreement to sell its Off-the-Road tire business to The Yokohama Rubber Company for $905 million. The OTR tire business provides OTR tires around the world for surface and underground mining, construction and quarry, and port and industrial end markets. Goodyear plans to use transaction proceeds to reduce leverage and fund initiatives in connection with the Goodyear Forward transformation plan.

Goodyear noted that it will retain its business providing OTR tires for U.S. military and defense applications. Pursuant to a Product Supply Agreement to be entered into with Yokohama, Goodyear will manufacture certain OTR tires for Yokohama at some of its manufacturing locations for an initial period of up to five years.