Press Release: Goodyear Announces Sale of Dunlop Brand to Sumitomo Rubber Industries

Dow Jones

08 Jan

By Kosaku Narioka

Goodyear Tire & Rubber plans to sell its Dunlop brand to Japan's Sumitomo Rubber Industries for about $700 million.

The Ohio-based tiremaker said Tuesday that it agreed to sell the Dunlop trademarks and intangible assets in Europe, North America and Oceania for consumer, commercial and other specialty tires to the Japanese maker of tire and other rubber products.

Goodyear said Sumitomo Rubber will pay the U.S. company about $701 million at closing for the transfer of the Dunlop brand across the relevant geographies, certain fees associated with the transition and the purchase of Dunlop tire inventory.

Goodyear intends to use the proceeds to reduce leverage and fund other initiatives, the company said.

The sale of the Dunlop brand follows a previously announced strategic review of the brand, it said.

The transaction is subject to regulatory approvals and is expected to close by mid-2025.

Goodyear said that Dunlop consumer tire sales totaled $532 million in 2023, while Dunlop commercial tire sales totaled $201 million in the same period.

Goodyear said it will license back the Dunlop trademarks for truck tires in Europe and retain its rights to the Dunlop trademarks for its motorcycle tire businesses in Europe and Oceania.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

January 07, 2025 22:29 ET (03:29 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2501614427","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2501614427","pubTimestamp":1736301600,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Gross cash proceeds at closing of approximately $701 million. Advances Goodyear Forward transformation plan, optimizes portfolio of brands. Goodyear to supply Dunlop tires to Sumitomo Rubber Industries pursuant to a five-year Transition Offtake Agreement in Europe. The sale of the Dunlop Brand follows a previously announced strategic review of the brand in connection with the Company's Goodyear Forward transformation plan. Pursuant to the transaction terms, SRI will pay Goodyear cash proceeds at closing of approximately $701 million for the transfer of the Dunlop Brand across the relevant geographies, a \"Transition Fee\" for support in transitioning the Dunlop Brand to SRI, and the purchase of Dunlop tire inventory. The transaction also provides for additional ongoing offtake, licensing and other arrangements which are detailed below.\"Our team conducted a comprehensive process focused on maximizing value for Goodyear through a divestment of our Dunlop Brand, and we are very pleased with","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"新闻稿：固特异宣布将邓禄普品牌出售给住友橡胶工业公司","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TFmain":1,"GT":1},"content_text":"By Kosaku Narioka \n\n\n \n\n\n  Goodyear Tire & Rubber plans to sell its Dunlop brand to Japan's Sumitomo Rubber Industries for about $700 million. \n\n\n  The Ohio-based tiremaker said Tuesday that it agreed to sell the Dunlop trademarks and intangible assets in Europe, North America and Oceania for consumer, commercial and other specialty tires to the Japanese maker of tire and other rubber products. \n\n\n  Goodyear said Sumitomo Rubber will pay the U.S. company about $701 million at closing for the transfer of the Dunlop brand across the relevant geographies, certain fees associated with the transition and the purchase of Dunlop tire inventory. \n\n\n  Goodyear intends to use the proceeds to reduce leverage and fund other initiatives, the company said. \n\n\n  The sale of the Dunlop brand follows a previously announced strategic review of the brand, it said. \n\n\n  The transaction is subject to regulatory approvals and is expected to close by mid-2025. \n\n\n  Goodyear said that Dunlop consumer tire sales totaled $532 million in 2023, while Dunlop commercial tire sales totaled $201 million in the same period. \n\n\n  Goodyear said it will license back the Dunlop trademarks for truck tires in Europe and retain its rights to the Dunlop trademarks for its motorcycle tire businesses in Europe and Oceania. \n\n\n \n\n\n  Write to Kosaku Narioka at kosaku.narioka@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  January 07, 2025 22:29 ET (03:29 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"code":"91000000","status":"200"}}}