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Bond Market News
Goodyear To Sell Its Dunlop Brand for $701mn
January 9, 2025
Goodyear Tire & Rubber Co. announced on Tuesday that it will sell its Dunlop brand to Japan’s Sumitomo Rubber Industries for $701mn in cash. This sale includes the Dunlop brand and trademarks in Europe, North America, and Oceania. Goodyear will continue selling Dunlop-branded passenger tires in Europe through the end of 2025 and will pay royalties to Sumitomo Rubber. The company will also supply some Dunlop-branded tires to Sumitomo in Europe for five years and license Dunlop trademarks for truck tires in Europe on a long-term basis, paying royalties on sales. This sale is part of Goodyear’s broader plan to streamline its business, including cost-cutting measures and portfolio reductions. In 2023, Goodyear aimed to generate over $2bn in gross proceeds by divesting its Dunlop brand, Off-the-Road equipment, and chemical units. Last year, Goodyear also sold its Off-the-Road tire business to Yokohama Rubber for $905mn.
Goodyear’s bonds traded stable with its 7% 2028s at 100.93, yielding 6.67%
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