The Goodyear Tire & Rubber Company has announced it has signed an agreement to sell the Dunlop brand to Sumitomo Rubber Industries for approximately US$701m.
This follows a previously announced strategic review of the brand in connection with the Goodyear Forward transformation plan. The sale includes trademarks and intangible assets necessary for operations of the brand business in Europe, North America and Oceania for consumer, commercial and other specialty tires.
“This is another important milestone as we continue to execute against our Goodyear Forward transformation plan. We are optimizing our portfolio and reducing leverage to drive sustainable and substantial shareholder value creation,” said Mark Stewart, Goodyear chief executive officer and president.
“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 the outcome achieved,” added Christina Zamarro, executive vice president and chief financial officer.
The transaction is subject to regulatory approvals, other customary closing conditions and consultations and is expected to end by mid-2025.
Goodyear is expected to license back from SRI the Dunlop trademarks for use on commercial (truck) tires, and will retain its rights to the Dunlop trademarks for use on motorcycle tires in Europe and Oceania.
