Goodyear Tire & Rubber has agreed to sell almost all of its Engineered Products business, which makes hoses and conveyor belts, to a unit of the Carlyle Group for $1.475 billion, the tire maker said. Carlyle will make the acquisition through a portfolio company, EPD.
As part of the deal, Goodyear has agreed to let EPD use the Goodyear brand in connection with the Engineered Products business.
The deal “reinforces our focus on our core consumer and commercial tire businesses,” Robert J. Keegan, Goodyear chairman and chief executive officer, said Friday.
Engineered Products has 32 facilities in 12 countries and about 6,500 employees. Its products include hoses, conveyor belts, rubber track and molded products. Last year the unit had sales of about $1.5 billion.
Goodyear shares fell 3 cents to $30.29 in trading Friday on the New York Stock Exchange, close to the upper end of its 52-week trading range of $9.75 to $30.61.
Go to Article from The Associated Press via The International Herald Tribune »
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