Goodyear completes $905M sale of OTR tire business to Yokohama Rubber

GOODYEAR TIRE & RUBBER CO /OH/

Gross cash consideration of ~$905 million; includes sale of Nippon Giant Tire and Goodyear Earthmover subsidiaries.
CEO Mark Stewart says portfolio streamlined; proceeds to reduce leverage and fund Goodyear Forward transformation.
Ancillary agreements: transition services (up to 18 months) and product supply (up to 5 years) for certain OTR tires.
Evercore acted as financial advisor; Sullivan & Cromwell as legal advisor to Goodyear.

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