- The largest American manufacturer of tires to car companies will sell a large number of its good chemical hand For a private equity company Gemspring Capital in a program expected to be completed by the end of this year. The $ 650 million in full revenue comes about $ 1.6 billion earned from the sale of two other businesses earlier this year, achieving the main goal from its future reform plan.
Goodyear is about to close books on his scratching program after the world's largest tire manufacturer so much he struck a plan to sell his football business for $ 650 million for money.
In 2023, the Fortune 500 company had agreed with itActivist participantElliott Investment Management forselling three of the businessWith the aim of raising more than $ 2 billion to repay the debt under its Goodyear reform program.
The goal will now be achieved after completing the dumping of its Dunlop brand and highway tire activities in two separate activities earlier this year that have already increased $ 1.6 billion together The output goes on.
“Despite the sale of our chemical business, we continue to show our commitment to improving our portfolio and creating a shareholder value,” CEO Mark Stewart said in a Information Thursday.
The reserve in Goodyear has increased the S&P 500, increasing 25% a year to today against a low level of American equity rate.
Half a $ 1 billion goodyear in annual revenue is from domestic sales
A large part of its synthetic football operations will be handed over to the Gemspring Capital Company until the end of this year. Goodyear, however, will store materials in Niagara Falls, NY, and Bayport, Texas, as well as the rights of the products developed there.
The activity includes a long -term distribution agreement to ensure that Goodyear receives the necessary raw materials for its tires, where it competes with senior opponents Michelin of France and Japan Bridgestone. Half the goodyear chemical approximately $ 1 billion in annual revenue is provided internally.
“We will work closely with gemspring to help ensure smooth changes to our partners, customers, and retailers,” Stewart added.
Divestments, which will raise $ 2.2 billion in total, is the primary pillar of its flexibility program which was designed to be completed by the end of 2025.
This story was previously shown Bahati.com