Goodyear Tire & Rubber is the third largest tiremaker in the world by volume after Michelin and Bridgestone. To pay down debt and bolster its balance sheet, the company announced in late 2023 three major divestments in conjunction with activist investor Elliott Management. In February it exited its Off-the-Road tire business before completing in May its sale of the Dunlop brand for combined gross proceeds of $1.6 billion. Under this Goodyear Forward transformation initiative, it still plans to sell its synthetic rubber operations, enabling the company to double its operating margin to 10% by the fourth quarter of 2025.
Courtesy of Goodyear Tire & Rubber