Goodyear sells tyre brand Dunlop to Japanese company Sumitomo Rubber Industries. This is stated on the website of Goodyear.
The deal worth $701 million involves the sale of rights to the brand Dunlop in Europe, North America and Oceania for consumer, commercial and other special tyres.
Goodyear plans to use the proceeds to reduce its debt load and fund its Goodyear Forward transformation programme. The deal is expected to be completed by mid-2025.Last year, Goodyear sold its OTR (Off-the-Road Tires) business for the mining and construction industry to Japan's Yokohama Rubber for $905 million as part of the same cost-cutting programme.
Goodyear will continue to produce Dunlop tyres in Europe until the end of 2025, with an option to extend for another year. This transition period is intended to give Sumitomo time to scale its organisation in Europe to effectively absorb the brand and maintain service levels to existing Dunlop customers.
Goodyear will then supply Dunlop tyres to Sumitomo for five years at a minimum annual volume of 4.5 million tyres.
Goodyear retains the rights to use the Dunlop brand for truck tyres in Europe (under licence) and motorbike tyres in Europe and Oceania.
Dunlop and Sumitomo Rubber Industries
In 1985, Dunlop became part of the Sumitomo Group, which in 1999 formed an alliance with Goodyear to become the largest tyre manufacturer in the world. In 2015, Sumitomo and Goodyear announced the termination of the alliance.
Source: Goodyear