- Goodyear Tire & Rubber Company
- Gemspring Capital Management
- Goodyear Chemical
- Mark Stewart
- Mathew Wallace
- Tesham Gor
Goodyear To Sell Majority Of Chemical Business To Gemspring Capital For USD 650 Million
- By TT News
- May 23, 2025

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.
JK Tyre Targets Double-Digit Growth in FY2026, Targets INR 10 Billion CAPEX
- By Nilesh Wadhwa
- August 08, 2025

JK Tyre & Industries is aiming for double-digit revenue growth in FY2026, outpacing its forecast for single-digit expansion across the broader tyre industry. Managing Director Anshuman Singhania outlined the company’s ambitions during a post-earnings media call, underscoring confidence in demand recovery and strategic market positioning.
Q1 Performance Overview
For the first quarter of FY2026, JK Tyre reported revenue of INR 38.91 billion, with EBITDA at INR 4.24 billion, translating to a margin of 10 percent. Net profit stood at ₹1.55 billion — up 51 percent compared with the previous quarter, but down 21 percent YoY.
Singhania attributed the annual decline to muted original equipment (OE) demand, particularly in truck and bus radial (TBR) volumes, alongside higher raw material costs compared to the same period last year. He also highlighted an adverse impact from the company’s Tornel business in Mexico, which faced uncertainty due to tariffs on exports from Mexico to the United States, dampening volumes.
Resilience in Domestic and Export Markets
Dr Raghupati Singhania, Chairman and Managing Director, JK Tyre & Industries, said, “The growth momentum in domestic markets remained robust in Q1, with JK Tyre clocking a sales growth of 11 percent YoY, as contributed by a steady demand for our products in both replacement as well as OE segments, underscoring JK Tyre’s continued focus on core growth drivers and strengthening market presence.”
“Despite a challenging and uncertain macro-economic environment, exports of passenger car tyres witnessed a strong traction both on QoQ and YoY basis, signifying pull for our products and enhanced brand perception in the global markets,” said Dr Singhania.
Operational efficiencies and strategic pricing supported performance, even as natural rubber prices remained elevated. Subsidiaries Cavendish (India) and Tornel (Mexico) continued to contribute significantly to the group’s consolidated financials.
Operational efficiencies and strategic pricing supported performance, even as natural rubber prices remained elevated. Subsidiaries Cavendish (India) and Tornel (Mexico) continued to contribute significantly to the group’s consolidated financials.
Regarding trade tensions between India and the US, Anshuman Singhania noted that exports from India to the US account for only around 3 percent of JK Tyre’s revenue and could be redirected to markets such as Mexico, Latin America, Brazil and the UAE if required. With zero tariffs in Mexico, JK Tyre can utilise its production base there to meet demand for both passenger and truck radials. The EU and UK, where JK Tyre holds a strong position in the TBR segment, also remain tariff-free.
Capacity expansion
The company’s INR 14 billion capital expenditure plan is progressing on schedule, covering passenger car radial (PCR), TBR and all-steel truck radial projects. For the year, investment is expected to total INR 9-10 billion, aimed at boosting production capacity by 30-40 percent.
A key driver for future profitability is the shift towards premium products. The share of 16-inch and above passenger car tyres in JK Tyre’s portfolio has grown from 18 percent in FY2020 to 25 percent in FY2025, with a target of 40-45 percent over the next two to three years. This change is being fuelled by rising SUV sales, larger rim sizes in entry-level cars and strong export demand.
The company has also developed a complete range of tyres for electric vehicles, spanning commercial truck radials, bus tyres, passenger radials and two/three-wheeler tyres Major OEMs such as Ashok Leyland’s Switch Mobility and Tata Motors are sourcing these products, including for last-mile connectivity vehicles and newly launched EV buses.
Market Outlook
The replacement market has been a bright spot, with passenger radial volumes up 32 percent year-on-year and truck radial volumes growing in the high single digits. JK Tyre expects demand to strengthen in the second half of FY2026, supported by infrastructure development, a favourable monsoon, potential interest rate cuts, and improved consumer liquidity.
Anshuman Singhania stressed that the worst of raw material price pressures appear to be over, paving the way for margin improvement as the product mix shifts and capacity utilisation rises. With the small car segment’s gradual decline offset by growth in premium categories, JK Tyre remains confident in sustaining momentum.
“Overall, India is poised for growth,” Singhania concluded. “We see positives across the board — from infrastructure push to evolving consumer preferences — and we are well-positioned to capitalise on these trends.”
Yokohama Rubber begins OE tyre supply for BYD’s SEALION 6 DM-i SUV in China
- By TT News
- August 07, 2025

Yokohama Rubber has begun supplying its ADVAN V61 tyres as original equipment for BYD’s new SEALION 6 DM-i SUV, marking the Japanese manufacturer’s first OE partnership with the Chinese carmaker.
The SEALION 6 DM-i, a plug-in hybrid SUV launched by BYD Company Ltd. this July, is being factory-fitted with 235/50R19 103V size ADVAN V61 tyres. The announcement comes as Yokohama seeks to grow its footprint in China’s fast-evolving electric and hybrid vehicle market.
The ADVAN V61 is part of Yokohama’s global flagship ADVAN range and is positioned as a premium SUV tyre. The company said the tyre “offers ADVAN’s hallmark premium-grade driving performance, along with a high-level balance of fuel and energy efficiency, handling stability, and quietness, achieving both comfortable city driving and long-distance touring for heavyweight SUVs.”
The SEALION 6 DM-i combines a 1.5-litre naturally aspirated petrol engine producing up to 74kW with an electric motor generating 160kW. Buyers can choose between 18.3 kWh and 26.6 kWh blade battery options, offering electric driving ranges of 93km and 130km, respectively. All models come equipped with advanced driver assistance systems as standard, and the exterior design draws inspiration from the concept of “ocean aesthetics.”
Sumitomo Rubber’s Tyre Unit Clears Japan Antitrust Probe With Commitment Plan
- By TT News
- August 07, 2025

Sumitomo Rubber Industries Ltd said its subsidiary Dunlop Tyre Japan Ltd has completed a Japan Fair Trade Commission investigation into automotive all-season tyre sales after the regulator approved a commitment plan submitted by the unit.
The probe, which examined the subsidiary’s sales practices, concluded without the commission identifying any violation of Japan’s Antimonopoly Act, Sumitomo Rubber said in a statement.
Under Japan’s commitment procedures, companies can submit plans to address potential competition concerns without admitting wrongdoing, allowing them to resolve investigations while avoiding formal sanctions.
"We deeply apologise for the great trouble and anxiety that we have caused to all concerned, including our clients and business partners,” the tyre maker said.
Bekaert Warns Of Weakening Demand As Tariffs And FX Weigh On Outlook
- By TT News
- August 04, 2025

Belgian steel wire maker Bekaert reported resilient first-half 2025 earnings as strong cash generation and cost control offset softer sales, but warned that tariffs and currency pressures are weighing on demand.
The company posted consolidated sales of €1.9 billion, down 5.2 percent year-on-year, with volumes declining 2.6 percent and price/mix effects stripping out a further 2.2 percent. Underlying EBIT slipped 16.2 percent to €171 million, delivering a margin of 8.8 percent compared with 9.9 percent a year earlier.
Free cash flow surged to €123 million from €43 million in the prior-year period, driven by a €135 million reduction in working capital and €21 million in cost savings as the company continued to streamline operations and rein in capex. Net debt fell to €327 million from €399 million despite a continuing €200 million share buyback programme, €74 million of which has been completed.
“We have continued to focus on what we can control best – cash flow and costs - and have significantly reduced overheads and working capital in H1 2025,” chief executive Yves Kerstens said. “Equally, I am very pleased with the hard work of our teams fighting for volumes in the current challenging markets.”
He added: “We are also taking further steps to make our business units more autonomous and agile. Therefore, I am very confident that we will come out of the current business environment stronger and more cost competitive than ever before.”
Bekaert said volumes were particularly strong in its Steel Wire Solutions and Rubber Reinforcement divisions in the United States and China, while European and Latin American demand lagged. Its Brazilian joint ventures delivered €24 million in net profit share, up from €20 million a year ago.
However, the group cautioned that growing trade tensions – including a rise in US steel tariffs from 25 percent to 50 percent – and the weakening of the US dollar and Chinese yuan against the euro were eroding pricing power and softening orders.
“Following a period of resilience in Q2, the tariff uncertainty and weakening economic outlook has started to have an impact on demand,” Bekaert said.
The company now expects slightly lower full-year 2025 sales on a like-for-like basis, with an underlying EBIT margin of between 8.0 percent and 8.5 percent, down from 8.8 percent in the first half.
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