Akron, Ohio – Goodyear has sold its Latin American farm tire business to Titan Tire Corporation for approximately US$99 million.
The business includes the company’s manufacturing plant, property, e 250 + Ways To Make Money quipment and inventories in Sao Paulo, Brazil, along with a licensing agreement that will allow Titan to sell Goodyear-branded farm tires in North and Latin America.
“This transaction reinforces our focus on targeted market segments,” said Richard Kramer, Goodyear chairman and CEO. “Our Latin American farm tire operations have been very successful for many decades. I’m confident this will continue and that Titan will maintain our strong relationships with Goodyear farm tire customers.”
Goodyear announced agreements to sell its Latin American and European farm tire businesses to Titan in December 2010. The European portion of the transaction has not yet been completed.