Goodyear sells specialty chemical business
Goodyear Tire & Rubber Co. has sold its specialty chemical business and certain chemical-related, United States-based assets as part of its long-term plan to reduce company debt.
The specialty chemical business included resins for paints, coatings and print toners; elastomeric modifiers; and rubber and plastic anti-degradants. It generated sales of more than $120 million in 2000 while employing more than 400 people in France and Akron, Ohio.
Goodyear Chemical President Jon Rich says the sale will help his unit focus on its three "core businesses:" basic and high-performance polymers and antioxidants used in tires and other rubber items; rubber latex used in asphalt; and adhesive resins used in hot mely and pressure-sensitive applications.
Goodyear Chemical continues to operate plants in Niagara Falls, N.Y.; and Bayport, Beaumont and Houston, Texas.
The division's buyer, Littlejohn & Company LLC, is a private equity firm based in Greenwhich, Conn.