:Goodyear Tire & Rubber Co said on Tuesday that it will sell its Dunlop brand to Japan's Sumitomo Rubber Industries for $701 million in cash as part of a plan to streamline its business.

The sale covers the Dunlop brand and its trademarks in Europe, North America and Oceania, the company said.

Goodyear said it will continue to sell Dunlop-branded tires for passenger cars in Europe through at least Dec. 31 this year and will pay a royalty to Sumitomo Rubber.

Goodyear will then continue to supply certain Dunlop-branded tires to Sumitomo in Europe for five years.

The tire company said it will also license back Dunlop trademarks for truck tires in Europe on a long-term basis and will pay the Japanese firm royalty on sales.

In 2023, Goodyear announced plans to cut costs and trim its portfolio of businesses, including its Dunlop brand and its Off-the-Road and chemicals units, aimed at delivering more than $2 billion in gross proceeds.

The tire company sold its Off-the-Road equipment tire business to Japan's Yokohama Rubber for $905 million in cash last year as part of the same cost-cutting drive.

Tire manufacturers have come under pressure over the past few years from cheaper Chinese rivals and face scrutiny from regulators on concerns of pollution.