Goodyear explores the sale of Goodyear Chemical
Goodyear Tire & Rubber Co. is exploring the possibility of selling off its chemical division.
"We will consider the sale of the business to a buyer that will recognize the value and solid performance of the business, maintain Goodyear's level of service to current customers and take associates' needs into account," says Goodyear CEO and President Robert Keegan.
Goodyear has retained Credit Suisse First Boston to advise on the possible divestiture, which it says would both enhance its financial flexibility and help it focus on its core business.
"As the largest producer of synthetic rubber for tires in the world, it is delivering a strong performance during the current
economic downturn," says Keegan.
According to Goodyear Chemical President Joseph Copeland, the company's decision to explore the sale of the business will not interfere with its
"We are focusing on meeting customer requirements, supplying quality products and expanding our business."
Although its headquarters are in Akron, Goodyear Chemical has manufacturing facilities in Beaumont, Bayport and Houston, Texas, and Niagara Falls, N.Y. The business has more than 1,400 associates.