Business
Dunlop Tyre Brand Has Been Sold To Goodyear For $701 Million
Goodyear has officially confirmed that it has sold the Dunlop tyre brand to the Japanese company Sumitomo Rubber Industries.
The $701 million deal includes the sale of rights to the Dunlop brand in Europe, North America and Oceania for consumer, commercial and other specialty tyres.
Goodyear plans to use the proceeds to reduce its debt and fund its Goodyear Forward transformation program. The deal is expected to close by the middle of this year.
Last year, Goodyear sold its OTR (Off-the-Road Tyres) business for the mining and construction industries to Japanese company Yokohama Rubber for $905 million, also part of the same cost-cutting program.
Goodyear will continue to manufacture Dunlop tyres in Europe until the end of 2025, with a year option. This transition period is intended to allow Sumitomo sufficient time to expand its organization in Europe. This is to effectively absorb the brand and maintain service levels for existing Dunlop customers.
After that, Goodyear will supply Sumitomo with the aforementioned Dunlop tyres for five years with a minimum annual quantity of 4.5 million tyres.
Goodyear retains the right to use the Dunlop brand for truck tyres in Europe under license, as well as for motorcycle tyres in Europe and Oceania.
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