Goodyear to sell farm tire businesses to Titan

  • 27-Dec-2010 01:01 EST

The Goodyear Tire & Rubber Co. has entered into agreements with Titan Tire Corp., a subsidiary of Titan International Inc., to sell its European and Latin American farm tire businesses, including a licensing agreement that will allow Titan to manufacture and sell Goodyear-brand farm tires in Europe, Latin America, and North America, for approximately $130 million. Goodyear sold its North American farm tire business, including a plant in Freeport, IL, to Titan in 2005. The Latin American portion of the transaction, which is expected to close in the first half of 2011, includes Goodyear’s Sao Paulo, Brazil, manufacturing plant, property, equipment, and inventories. The European portion of the transaction is subject to the exercise of a put option by Goodyear following completion of a social plan related to the previously announced discontinuation of consumer tire production at its Amiens North, France, manufacturing plant and required consultation with the local Works Council. When completed, the transaction will include the Amiens North plant, property, equipment, and inventories.

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