The Goodyear Tire & Rubber Company has completed the previously announced divestiture of the majority of its Goodyear Chemical business to an affiliate of Gemspring Capital Management, LLC, effective Oct. 31, 2025, for a purchase price of $650 million, subject to adjustments. At the time of closing, Goodyear received cash proceeds of approximately $580 million, which reflects working capital adjustments, including an adjustment for intercompany receivables.

“With the sale of our Chemical business, we have completed all of the planned asset sales included in our Goodyear Forward transformation program,” said Goodyear Chief Executive Officer and President Mark Stewart. “Additionally, we surpassed initial expectations, with total gross proceeds from the divestitures of approximately $2.2 billion. As a result, we have a more focused, streamlined portfolio that will allow us to grow our core products and services and achieve our vision of being #1 in Tires and Service.”

The Goodyear Chemical facilities in Houston and Beaumont, Texas, and a related research office in Akron, Ohio, are included in this sale. Goodyear retains its Chemical facilities in Niagara Falls, New York, and Bayport, Texas, and its rights to the products produced at these facilities.

Goodyear intends to use transaction proceeds for debt reduction and to fund initiatives in connection with the Goodyear Forward transformation plan.