Goodyear Tire & Rubber Co. has finalized the sale of certain Akron, Ohio, properties to Industrial Reality Group (IRG) as the first step in finalizing its plans for development of a new global headquarters in "The Rubber City."
Goodyear has signed a multi-year lease agreement with IRG and as part of that agreement will remain in existing buildings until its new headquarters is completed.
The tiremaker will record a non-cash, after-tax charge of $40 million to $45 million during the second quarter of 2009 in connection with the property sales.
Goodyear officials report that "a number of long-lead projects related to the development have already begun and will be moving forward."
