T&WA Sells Tire Mounting Business Assets
AKRON, Ohio, Dec. 24 - The Goodyear Tire & Rubber Company today announced that T&WA Inc., a tire mounting business based in Louisville, Ky., has sold substantially all of its assets to EnovaPremier, LLC. Goodyear has had a minority ownership interest in T&WA since 1999.
T&WA and EnovaPremier have not disclosed the terms of the transaction.
Goodyear anticipates recording an after-tax, non-cash loss of $30 million to $35 million in the fourth quarter of 2007 as a result of the transaction, subject to post-closing adjustments.
The company said T&WA's exit from the tire and wheel assembly business is consistent with Goodyear's previously announced strategy to focus on its core consumer and commercial tire businesses. T&WA is a variable interest entity that is consolidated with Goodyear under generally accepted accounting principles.
T&WA, a minority business enterprise that was founded in 1995, supplies mounted and balanced tire and wheel assemblies to auto manufacturers. The business operates facilities in Alabama, Indiana, Kentucky and Michigan.
Goodyear (NYSE:GT) is one of the world's largest tire companies. The company employs about 70,000 people and manufactures its products in more than 60 facilities in 26 countries around the world. For more information about Goodyear, go to http://www.goodyear.com/corporate.
FCMN Contact: greg_dooley@goodyear.com
Source: The Goodyear Tire & Rubber Company
CONTACT: Media, Keith Price, +1-330-289-0115,
or Analysts, Greg Dooley,+1-330-796-6704, both of The Goodyear Tire & Rubber Company
Web site: http://www.goodyear.com/
http://www.goodyear.com/corporate
