Goodyear Sells Chemical Business for $650 Million

On May 22, U.S. tire giant The Goodyear Tire & Rubber Company announced the sale of the majority of its chemical business to Gemspring Capital Management. The transaction is expected to be completed by the end of 2025.

Under the terms of the agreement, Gemspring will pay Goodyear approximately $650 million in cash at closing for Goodyear's chemical facilities in Houston and Beaumont, Texas, as well as the related research office in Akron, Ohio. Additionally, the deal includes a long-term supply agreement.

"By divesting our chemical business, we continue to demonstrate our commitment to portfolio optimization and creating shareholder value," said Mark Stewart, President and CEO of Goodyear.

However, Goodyear will retain its chemical plants in Niagara Falls, New York, and Bayport, Texas.