Goodyear to sell chemicals business, other assets

Market: Petrochemicals
16/11/23

US-based tire manufacturer Goodyear plans to sell its chemicals business and two of its tire lines to cut costs, the company said this week.

As a part of the "Goodyear Forward" plan, Goodyear will begin to find a buyer for its chemicals business, which includes three sites in Bayport, Beaumont and Houston, Texas. The Beaumont location produces polybutadiene rubber, polyisoprene rubber and solution styrene-butadiene rubber (SBR). The Houston location produces SBR emulsion capacity, while the Bayport location produces acetone and hydroquinone.

The company said it will also sell its Dunlop tire brand and Off-the-Road business, which specializes in tires for the mining and construction industries.

The divestments will cut $1.3bn in costs and generate over $2bn in proceeds, according to the company.

Goodyear's chief executive Richard Kramer also said he will retire in 2024.

By Mia Westley

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Goodyear to sell chemicals business, other assets

Related news posts

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