Goodyear agrees to sell OTR business comprising part of Topeka production

TOPEKA, Kan. (WIBW) – Goodyear plans to sell most of its Off-the-Road tire business to another tire manufacturer.

Goodyear announced July 22 that it agreed to a “definitive” $905 million deal to hand its OTR business off to Yokohama Rubber Company.

“The sale of the OTR business marks an important milestone as we continue to execute against our Goodyear Forward transformation plan,” Goodyear CEO and President Mark Stewart said. “We are grateful to our OTR colleagues who have driven the success of the business and are committed to working closely with Yokohama to ensure a smooth transition for customers and associates.”

13 NEWS has reached out to both companies for clarification on what the sale could mean for Topeka’s plant, one of Goodyear’s eight that produces OTR tires. Goodyear stated in the announcement that in addition to keeping OTR production for military and defense, some of its locations would continue making OTR tires for Yokohama for up to five years. The company confirmed to 13 NEWS the Topeka plant would be one of those locations. It does manufacture other tires as well, including radial semi-truck tires and those for military transports.

The sale comes months after Goodyear outlined a strategic plan that included the goal to pursue alternatives for OTR and other branches.

The sale is expected to close early next year, pending regulatory approval.

Copyright 2024 WIBW. All rights reserved.