Goodyear completes divestiture of Off-The-Road (OTR) tire business to Yokohama

Story Highlights

• Goodyear
• Yokohama
• anvelope OTR (off-the-road)

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The Goodyear Tire & Rubber Company has completed the previously announced divestiture of its off-the-road (OTR) tire business to The Yokohama Rubber Company, Limited, effective February 3, 2025, in an all-cash transaction valued at approximately $905 million. The transaction follows a previously announced strategic review of the OTR tire business in connection with the Goodyear Forward transformation plan.

“The sale of the OTR business is a significant milestone in Goodyear’s transformation,” said Goodyear Chief Executive Officer and President Mark Stewart. “Our portfolio is now more streamlined, driving further efficiencies and enhancing our focus on our core industry-leading products and services.”

Goodyear’s OTR tire business provides industry-leading OTR tires around the world for surface and underground mining, construction and quarry, and port and industrial end markets. Goodyear OTR offers a comprehensive suite of trusted products, services and tire management solutions that help customers optimize their operations and improve productivity and efficiency.

Goodyear 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 in connection with the closing of the transaction, Goodyear will manufacture certain OTR tires for Yokohama at some of its manufacturing locations for an initial period of up to five years after the closing of the transaction.

Goodyear intends to use transaction proceeds to reduce leverage and fund initiatives in connection with the Goodyear Forward transformation plan.