Goodyear shall actively pursue strategic alternatives for its chemical business, its off-the-road equipment tyre business, its Dunlop Brand, according to the company.
The decision to pursue alternatives is part of a Goodyear Forward transformation plan that is focussed to attain gross proceeds of more than USD2bn from the optimisation of the portfolio, according to the company. With the plan, the company also aims to deliver significant expansion of margin and reduce leverage to drive sustainable and substantial shareholder value creation.
The company also quoted that it’s CEO and President Richard Kramer shall retire in 2024. He has been on the position for the last 14 years.
The board has also employed an executive search firm for finding its next CEO.
The US-based multi-national purchases petrochemical-based and other raw materials. It also produces and sells rubber-related chemicals for varied applications.
The company’s manufacturing operations in the US comprises four chemical plants.
