Goodyear Tire & Rubber Company has agreed to sell the majority of its chemical business to private equity firm Gemspring Capital Management for approximately USD 650 million in cash.

The transaction, part of Goodyear's strategic transformation plan, includes facilities in Houston and Beaumont, Texas, along with a research office in Akron, Ohio. The deal is expected to close by late 2025, subject to regulatory approval and other customary conditions.

Goodyear Chemical produces synthetic rubber and serves the automotive aftermarket, consumer and industrial sectors across North America. The business has been under strategic review as part of the company's broader Goodyear Forward transformation initiative.

"With the sale of our chemical business, we continue to demonstrate our commitment to optimising our portfolio and creating shareholder value," said Mark Stewart, Goodyear's chief executive and president. "We are grateful to our Goodyear Chemical associates who have driven the success of this business. We will work closely with Gemspring to help ensure a smooth transition for our associates, customers and suppliers."

Mathew Wallace, Managing Director, Gemspring, remarked: "We look forward to unlocking the full potential of Goodyear Chemical as a standalone business and supporting its next chapter of growth and innovation. Goodyear Chemical is an industry leader, underpinned by deep customer relationships, a mission-critical product portfolio, a track record of innovation, and incredibly talented employees. We are grateful to the Goodyear team who have driven the success of the business to date and are committed to working closely with Goodyear to ensure a smooth transition for associates, customers, and suppliers."

Tesham Gor, a Gemspring Executive Advisor who is expected to become Chief Executive Officer of the Business, added, "We are excited to advance Goodyear Chemical's industry positioning by leveraging our strategic, financial, and industry expertise to continue delivering world-class elastomer technologies and engineered solutions to our customers. As a standalone entity, the Business will be well positioned to accelerate product development, expand its relationships with existing and new customers globally, deliver sustainable solutions, continue to invest in its people, and drive growth and innovation through commercial, technical, and operational excellence."

The deal includes a long-term supply agreement between the two companies, though specific terms were not disclosed. Goodyear plans to use proceeds from the sale to reduce debt and fund initiatives related to its transformation plan.

The Akron, Ohio-based company will retain chemical facilities in Niagara Falls, New York, and Bayport, Texas, maintaining rights to products manufactured at those locations.

Lazard served as lead financial adviser to Goodyear, with Deutsche Bank acting as financial adviser and Squire Patton Boggs providing legal counsel.

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Kolkata-based Himadri Speciality Chemical has announced that its flagship plant in Mahistikry, Haripal, Hooghly, has received ISCC PLUS (International Sustainability and Carbon Certification).

The company has been recognised for its ecological and social responsibility, along with compliance with stringent criteria on greenhouse gas emission reduction, ecosystem protection, social accountability and complete traceability of raw materials.

Anurag Choudhary, CMD & CEO, Himadri Speciality Chemical, said, “Achieving ISCC PLUS certification marks a defining step in Himadri’s sustainability journey. It validates our determination to integrate renewable, low- carbon, and circular solutions into every layer of our operations. As global industries shift towards sustainable value chains, Himadri is leading this transformation—delivering innovative and responsible solutions that create long-term value for society, the environment, and our stakeholders worldwide.”

With this recognition, the company joins a number of global players who are driving systemic change towards responsible sourcing and production.

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George Varughese, founder of General Rubbers and the man behind the iconic Midas brand of tyre retreading materials, passed away on 28^th August, 2025.

Varughese established General Rubbers in 1969, building Midas into India’s most recognised name in retreading materials. Under his leadership, the company has grown into a global player, supplying more than 24,000 tonnes of tread rubber, precured tread rubber and other products annually. Today, Midas serves customers across South America, Africa, Europe and Australia.

Known for his vision and emphasis on innovation, Varughese placed research and development at the heart of Midas’s success. His commitment to improving compound formulations with the latest technology ensured the brand’s reputation for durability and reliability.

With operations centred in Kottayam, Kerala, Midas continues to expand its dealer network, reflecting Varughese’s lifelong mission of accessibility and customer service.

Varughese leaves behind a lasting legacy in India’s tyre industry, remembered as a pioneer who transformed the retreading sector into a global business.

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Vaculug has named Nick Hermitage as Operations Manager – OTR South, following a significant expansion in its OTR Division.

The company's new OTR Centre of Excellence in the South East will serve as Hermitage's headquarters. He is in charge of making sure the depot runs smoothly, which includes daily administration, logistics, foam filling and tyre pressing. Hermitage brings with him a depth of experience, knowledge and skill – accumulated over 22 years in the tyre industry.

Alan Robin, National Account Manager – OTR, Vaculug Technologies Ltd, said, "This is an incredibly exciting time at Vaculug, and we are fortunate to welcome Nick to the OTR team. His extensive experience and deep knowledge of both OTR and solid tyre operations will be instrumental as we build on our significant investments in the division. I am confident Nick will make a strong contribution to our growth and I wish him every success in his new role."

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Hankook Tire Europe GmbH has appointed Richard Bezzant as the new Marketing Director Truck and Bus with effect from 1 August 2025.

The British-born marketing and sales expert started his career with Michelin in UK in 2003. He brings with him more than two decades of experience in the tyre business for buses and trucks. Following a five-year period in leadership roles in France, he most recently served as Marketing Director for UK and Ireland, where he was responsible for developing and managing the complete marketing strategy across all business divisions.

Bezzant said, “My goal is to support growth opportunities for Hankook in the European truck and bus sector and expand them further. I am confident that we will be able to build on what has been achieved so far and continue to expand the business with innovative products and services. I am glad to be working with a great team to pursue our goals.”

Jang Hyuk Moon, Vice President – Marketing Department, Hankook Tire Europe, said, “With Richard Bezzant, we have appointed an industry-leading expert for our truck and bus marketing activities. With his decades of experience, we will consistently expand our business in the commercial vehicle sector and strengthen our market position in Europe in the long term.”

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