Goodyear puts Engineered Products up for sale
Goodyear Tire & Rubber Co.'s Engineered Products division is for sale, Goodyear Chairman and CEO Bob Keegan said this morning during a conference call to discuss Goodyear's first quarter financials.
Keegan revealed that Goodyear will begin "marketing" the unit during the second quarter.
Last September, the Akron, Ohio-based tiremaker announced that it had begun to explore the possible sale of the unit.
"While Engineered Products is performing well, it is a non-core operation for Goodyear," Keegan said at the time.
"As we continue to build on the considerable progress we have made in recent years, we believe the best course of action is to focus all of our resources on the growth of our core consumer and commercial tire businesses."
Goodyear Engineered Products manufactures and markets engineered rubber products for industrial, military, consumer and transportation original equipment end users.
During the first quarter of 2006, the division recorded sales of $395 million. It operates 30 facilities worldwide and employs roughly 7,000 people.