Goodyear sold part of the chemical business

In 2023, Goodyear announced that as part of its restructuring plan, Goodyear Forward, aimed at increasing profitability, it would sell a number of its assets. Following this, the rights to the Dunlop brand were sold to Sumitomo, and Yokohama became the new owner of Goodyear's tire production for special equipment. Now, the majority of Goodyear's chemical business has also been sold to a company affiliated with the investment firm Gemspring Capital Management, LLC, with the deal worth $650 million.

According to Goodyear's CEO and President, Mark Stewart, the company has completed the planned sale of assets, and the proceeds exceeded initial expectations, with the total gross revenue from all deals reaching approximately $2.2 billion.

"Now we have a focused portfolio of assets that will allow us to develop our core products and services," Stewart said.

The new deal includes chemical plants in Houston and Beaumont (Texas, USA), as well as a related research office in Akron (Ohio). At the same time, Goodyear remains the owner of chemical enterprises in Niagara Falls (New York) and Bayport (Texas).

The company intends to use the proceeds to reduce debt and fund initiatives related to the Goodyear Forward plan.

According to the results of the first three quarters of 2025, Goodyear received revenue of $13.363 billion ($13.931 billion the previous year), and the net loss increased from $33 million to $1.798 billion.

Photo: The Center for Land Use Interpretation