The Goodyear Tire & Rubber Company has completed the previously disclosed sale of the majority of its Goodyear Chemical business to an affiliate of Gemspring Capital Management.

The transaction, effective October 31, 2025, was valued at $650 million, subject to customary adjustments. At closing, Goodyear received approximately $580 million in cash proceeds, reflecting working capital and intercompany receivable adjustments.

“With the completion of this divestiture, we have now delivered on all planned asset sales under the Goodyear Forward transformation program,” said Mark Stewart, Chief Executive Officer and President of Goodyear. “We have exceeded our initial expectations with total gross proceeds of approximately $2.2 billion. This positions us with a more focused and streamlined portfolio, enabling us to accelerate growth in our core tires and service business and advance our vision to become the leader in our industry.”

The transaction includes the Chemical business facilities located in Houston and Beaumont, Texas, as well as a research office in Akron, Ohio. Goodyear will retain its chemical facilities in Niagara Falls, New York, and Bayport, Texas, along with rights to products manufactured at those sites.

The proceeds from the transaction will be used to reduce debt and support strategic initiatives under the Goodyear Forward plan.

Lazard served as lead financial advisor to Goodyear, with Deutsche Bank also acting as financial advisor. Squire Patton Boggs served as legal counsel.