US' Goodyear sells chemical unit for $650 mn to Gemspring Capital

"With the sale of our Chemical business, we have completed all of the planned asset sales included in our Goodyear Forward transformation program," said Goodyear Chief Executive Officer and President Mark Stewart. "Additionally, we surpassed initial expectations, with total gross proceeds from the divestitures of approximately $2.2 billion. As a result, we have a more focused, streamlined portfolio that will allow us to grow our core products and services and achieve our vision of being #1 in Tires and Service."

The Goodyear Chemical facilities in Houston and Beaumont, Texas, and a related research office in Akron, Ohio, are included in this sale. Goodyear retains its Chemical facilities in Niagara Falls, New York, and Bayport, Texas, and its rights to the products produced at these facilities.

Goodyear intends to use transaction proceeds for debt reduction and to fund initiatives in connection with the Goodyear Forward transformation plan.

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ALCHEMPro News Desk (RM)