Goodyear Tire & Rubber Company (GT) has successfully completed the sale of its off-the-road (OTR) tire division to The Yokohama Rubber Company, Limited. This transaction, conducted entirely in cash, is valued at approximately $905 million and will take effect on February 3, 2025.
The proceeds from this sale are earmarked for reducing Goodyear's debt and bolstering initiatives as part of the Goodyear Forward transformation plan.
Goodyear enlisted Evercore as its exclusive financial advisor for this deal, with Sullivan & Cromwell LLP providing legal counsel.
In recent trading, Goodyear's stock closed at $8.70, marking a 1.92% decline, while in after-hours trading, it rose slightly to $8.75, a 0.57% increase, on the Nasdaq Global Select Market.
