Goodyear (GT) said Thursday it agreed to sell most of its Goodyear Chemical unit's business to private equity firm Gemspring Capital for about $650 million in cash.
The sale includes chemical plants in Houston and Beaumont, Texas, and a research office in Akron, Ohio, the company said.
A long-term supply agreement is part of the deal, which is expected to close by the end of 2025, pending regulatory and other standard approvals, it added.
Goodyear said it plans to use the sale proceeds to cut debt and support key transformation efforts.
The company will keep operating its chemical sites in Niagara Falls, New York, and Bayport, Texas, along with the rights to the products made there, according to Goodyear.
Shares of the company were up about 2.5% in recent after-hours activity.
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