Goodyear Chemical’s products gives differentiated solutions across a numerous set of end markets, such as food, medical, sporting goods, thermoset plastics, adhesives, packaging
Gemspring Capital Management, a middle-market private equity firm, has introduced that an affiliate has entered right into a definitive agreement to have The Goodyear Tire & Rubber Company’s polymer chemicals commercial business (Goodyear Chemical).
The acquisition includes two operating vegetation placed in Houston and Beaumont, Texas, and a studies and development facility placed in Akron, Ohio. Goodyear will keep its Chemical facilities in Niagara Falls, New York, and Bayport, Texas, and its rights to the products produced at such facilities.
Goodyear Chemical, based in Akron, Ohio, is a main producer of synthetic rubber, providing a broad product portfolio in North America. Goodyear Chemical’s products deliver differentiated solutions across a diverse set of end markets, which includes food, medical, sporting goods, thermoset plastics, adhesives, packaging, and many different client and industrial applications.
Mathew Wallace, Managing Director at Gemspring, remarked: “We stay up for unlocking the full potential of Goodyear Chemical as a standalone enterprise and assist its next chapter of growth and innovation. Goodyear Chemical is an industry leader, underpinned by deep clients relationships, a mission-crucial product portfolio, a track record of innovation, and exceptionally talented employees. We are thankful to the Goodyear team who’ve driven the success of the business to date and are committed to working closly with Goodyear to ensure a smooth transition for associated, customers, and providers.”
Tesham Gor, a Gemspring Executive Advisor who’s anticipated to become Chief Executive Officer of the Business, delivered: “We are excited to boost Goodyear Chemical’s industry positioning by leveraging our strategic, financial, and industry expertise to continue supply over world-class elastomer technologies and engineered solutions to our customers. As a standalone entity, the Business can be properly placed to accelerate product development, increase its relationships with existing and new customers globally, deliver sustainable solutions, keep to put invest in its people, and drive growth and develops by commercial, technical, and operational excellence.”
The transaction is subject to regulatory approval, in addition to different customary closing conditions and is anticipated to close by late 2025.
Piper Sandler & Co. Acted as lead financial advisor, Greenhill & Co. Served as a financial advisor, and Kirkland & Ellis LLP served as legal counsel to Gemspring at the transaction.
