Goodyear to Attempt to Sell Business Units

Goodyear is about to make a second attempt to sell non-core businesses with suggestions that its engineered products division will be the first one up for sale, according to ‘The Deal’ reports. The news comes after Goodyear cancelled the sale of its rubber chemicals business in July. The company had promised to pay down its debts, using the sale of some its assets to provide the necessary funding. So far the company hasn’t sold any of its significant assets.

The Deal reported that oa source close to the company suggested that the next business unit up for sale will be the engineered products business. The sale process is expected to start in January. Refusing to mention the speculation, Goodyear’s engineered products spokesman, Skip Scherer said: “To maximise shareholder value, the company evaluates from time to time its business portfolio, but we don’t speculate or comment on that process.”

It is not clear how much the business unit will cost, should it be sold, but one analyst, Morningstar Inc’s Philip Guziec, has been quoted as suggesting that between $600 million and $1.2 billion would be a likely figure.