Goodyear Completes Sale of Latin American Farm Tire Business |
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Goodyear Tire & Rubber Co., The
1144 E. Market St.
Akron, OH, 44316
USA
Press release date: April 1, 2011
AKRON, Ohio, April 1, 2011 - The Goodyear Tire & Rubber Company (NYSE: GT) announced today that it has completed the previously announced sale of its Latin American farm tire business to Titan Tire Corporation, a subsidiary of Titan International Inc.
Goodyear completed the sale for approximately $99 million, subject to post-closing conditions and adjustments, for the Latin American business, which includes the company's Sao Paulo, Brazil manufacturing plant, property, equipment and inventories and a licensing agreement that will allow Titan to sell Goodyear-brand farm tires in Latin America and North America.
"This transaction reinforces our focus on targeted market segments," said Richard J. Kramer, Goodyear chairman and chief executive officer. "Our Latin American farm tire operations have been very successful for many decades. I'm confident this will continue and that Titan will maintain our strong relationships with Goodyear farm tire customers," he added.
Goodyear announced agreements to sell its Latin American and European farm tire businesses to Titan in December 2010. The European portion of the transaction has not yet been completed. Assuming the European portion of the transaction is completed, Goodyear's operating results, excluding any gain or loss on the sales, are not expected to be materially affected, although the impact on segment operating income will vary by region.
Goodyear is one of the world's largest tire companies. It employs approximately 72,000 people and manufactures its products in 56 facilities in 22 countries around the world. Its two Innovation Centers in Akron, Ohio and Colmar-Berg, Luxembourg strive to develop state-of-the-art products and services that set the technology and performance standard for the industry. For more information about Goodyear, go to www.goodyear.com.
SOURCE The Goodyear Tire & Rubber Company
CONTACT: Media, Keith Price, +1-330-796-1863, or Analysts, Pat Stobb, +1-330-796-6704
Web Site: http://www.goodyear.com
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