Japan-based Yokohama Rubber Company buys off-road tire business for $905 million
GOODYEAR Tire & Rubber Co. has signed a definitive agreement to sell its off-the-road (OTR) business to Yokohama Rubber Co. Ltd for $905 million. The transaction came eight months after Goodyear announced it was seeking buyers for its OTR tire business.
According to Yokohama, the acquisition of Goodyear’s OTR business – which provides tires for applications such as quarrying and construction – is an important growth driver and will contribute to the continued expansion of its off-highway tire business.
“The sale of the OTR business is an important milestone in the continued implementation of our Goodyear Forward transformation plan,” said Mark Stewart, CEO and President of Goodyear. “We are grateful to our OTR colleagues who have driven the company’s success and are working closely with Yokohama to ensure a smooth transition for customers and partners.”
Goodyear will continue to supply OTR tires to the U.S. military and defense. The company will also manufacture certain OTR tires for Yokohama at some of its manufacturing sites for a period of up to five years.
The transaction is subject to regulatory approvals, other customary closing conditions and consultations and is expected to close in early 2025.
