Global law firm Squire Patton Boggs has advised long-time client The Goodyear Tire & Rubber Company (NASDAQ: GT) on its definitive agreement to sell the majority of its Goodyear Chemical business to Gemspring Capital Management, LLC. The transaction follows a previously announced strategic review of Goodyear's Chemical business in connection with the Goodyear Forward transformation plan.
Goodyear Chemical is a leading producer of synthetic rubber, offering a broad product portfolio in North America and serving the automotive aftermarket as well as the consumer and industrial end markets. Pursuant to the transaction terms, Gemspring will pay Goodyear cash proceeds at closing of approximately $650 million, subject to certain post-closing adjustments, for Goodyear Chemical facilities in Houston and Beaumont, Texas, and a related research office in Akron, Ohio. Additionally, the transaction provides for a long-term supply agreement.
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