The Goodyear Tire & Rubber Company has completed the previously announced divestiture of its off-the-road (OTR) tire business to The Yokohama Rubber Company, Limited, effective February 3, 2025, in an all cash transaction valued at approximately $905 million.

Goodyear's OTR tire business provided tires worldwide for surface and underground mining, construction, quarry, and port and industrial end markets.

"The sale of the OTR business is a significant milestone in Goodyear's transformation", said Goodyear CEO and President Mark Stewart. "Our portfolio is now more streamlined, driving further efficiencies and enhancing our focus on our core industry leading products and services".

Goodyear said it intends to use transaction proceeds to reduce leverage and fund initiatives in connection with the Goodyear Forward transformation plan.

Under a Product Supply Agreement to be entered into with Yokohama in connection with the closing of the transaction, Goodyear will manufacture certain OTR tires for Yokohama at some of its manufacturing locations for an initial period of up to five years after the closing of the transaction.