Goodyear sells Dunlop brand rights to Sumitomo for $701M; close expected mid-2025

GOODYEAR TIRE & RUBBER CO /OH/

Gross cash proceeds at closing ~$701M: $526M for brand rights, $105M transition fee, ~$70M for inventory.
Transaction expected to close by mid-2025, subject to regulatory approvals and customary conditions.
Goodyear will supply Dunlop tires in Europe under a 5-year offtake agreement (min 4.5M tires/yr take-or-pay).
Goodyear retains Dunlop for motorcycle tires in Europe and Oceania; licenses back for commercial truck in Europe.
Deal expected to reduce segment operating income by ~$65M/year during offtake term; proceeds to reduce leverage.

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