Goodyear Mulls Possible Sale Of Certain Businesses

(RTTNews) - The Goodyear Tire & Rubber Company (GT) Wednesday announced a transformation plan - "Goodyear Forward", including portfolio optimization, which is expected to bring in gross proceeds of more than $2 billion.

The company said it has decided to search for strategic alternatives for its Chemical business, the Dunlop brand and the Off-the-Road equipment tire business.

The company also intends to cut costs to the tune of $1.3 billion and to double segment operating income margin to 10% from 5% by end of 2025. Further, Goodyear expects to reduce its debt by $1.5 billion by the end of 2025.

Separately, the company said Richard J. Kramer, Chairman, CEO and President of the Company plans to retire in 2024.