Goodyear Tire (GT) has signed a definitive agreement to sell the majority of its Goodyear Chemical business to Gemspring Capital Management. The transaction follows a previously announced strategic review of Goodyear’s Chemical business in connection with the Goodyear Forward transformation plan. Goodyear Chemical is a producer of synthetic rubber, offering a product portfolio in North America and serving the automotive aftermarket as well as the consumer and industrial end markets. Gemspring will pay Goodyear cash proceeds at closing of approximately $650M, subject to certain post-closing adjustments, for Goodyear Chemical facilities in Houston and Beaumont, Texas, and a related research office in Akron, Ohio. Additionally, the transaction provides for a long-term supply agreement. The transaction is subject to customary closing conditions and is expected to close by late 2025. Goodyear intends to use transaction proceeds to reduce leverage and fund initiatives in connection with the Goodyear Forward transformation plan. Goodyear will retain its Chemical facilities in Niagara Falls, New York, and Bayport, Texas, and its rights to the products produced at such facilities.

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