Goodyear shedding off-road tyre business in shakeup
As part of a strategic overhaul to improve profitability, Goodyear Tire and Rubber said that the company will sell its off-the-road equipment tyre business, along with its chemical business and its Dunlop brand.
Our transformation plan represents a clear path to create a more profitable and focused Goodyear, said Goodyear Chairman, CEO and President Richard J. Kramer, who will step down at year-end.
For off-the-road applications, Goodyear sells specialised tyres in the mining and construction industries for a variety of equipment types, from articulated dump trucks to underground mining equipment.
"We lack the scale of our largest competitors, which are four to five times larger," said Christina Zamarro, Goodyear Tire and Rubber Company chief financial officer, adding the financial investment needed for Goodyear to catch up in this segment was cost-prohibitive.
Goodyear's chemical business develops and sells synthetic rubber compounds for industrial applications, including pliogum, a Kosher and Halal food-grade polymer used as food can sealant and in chewing gum.
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