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.

Comments (0)

ADD COMMENT

Link Copied!

Continental's Tires group sector has strengthened its leadership team with two key internal appointments, effective 1 September 2025. Jana Striezel has been named the new head of global purchasing for Continental Tires, while Dennis Bellmund has assumed leadership of the global original equipment business for both passenger and commercial vehicles. Both executives will report directly to Christian Kötz, the member of Continental AG's Executive Board who leads the Tires group sector.

In her new capacity, Striezel will oversee worldwide strategic and operational purchasing. She brings extensive experience from the automotive industry, having previously held several procurement management roles at Renault, where she led purchasing for the Renault brand and its alliance with Nissan and Mitsubishi in Europe. Her career began at Volkswagen in 2014.

Bellmund, who has a 25-year tenure with Continental, steps into his role following the departure of his predecessor, Manja Greimeier, to the ContiTech sector. His extensive background within the company includes recent responsibility for Continental’s tyre retail operations, alongside prior leadership roles in EMEA supply chain management and sales direction for the European replacement tyre business. These appointments signal a strategic reinforcement of Continental's tyre division leadership.

Kötz said, “We’re delighted to welcome Jana Striezel, a highly skilled manager, to our team. She brings extensive expertise in international procurement and will focus on driving forward our purchasing strategy. In Dennis Bellmund, our global original equipment business has gained a highly experienced leader. Thanks to his many years at Continental, he is familiar with our company and our customers’ needs from many different angles. On behalf of the entire management team, I wish both of them every success in their new roles and look forward to working together.”

“On behalf of the entire team, I would like to thank Manja Greimeier for her successful leadership of our original equipment business and wish her all the best and continued success,” added Kötz.

Comments (0)

ADD COMMENT

Link Copied!

In a significant leadership update, LD Carbon (LDC) has announced a restructuring of the chief executive office at the company. The company confirmed that Seong-Moon Baek will now serve as the sole CEO. This move follows the departure of former co-CEO Yong-Kyung Hwang from the executive position.

The change is effective immediately as the company continues to advance its initiatives in the sustainable materials sector. Chief Commercial Officer Bumseek Kim (BK) formally communicated the development in a statement, saying, “Should you have any questions, please feel free to contact me at any time.”

Comments (0)

ADD COMMENT

Link Copied!

WF Recycle-Tech has announced a significant leadership transition with Jo Dennis assuming the role of Managing Director, succeeding Founder Paul Neville.

Dennis brings extensive experience in manufacturing and tyre pyrolysis, with a proven track record in guiding businesses through scale-up, growth and operational improvement phases. His leadership will be instrumental as the company advances its patented pyrolysis technology, which converts end-of-life tyres into valuable products like oil, syngas and recovered carbon black. Shareholders Farrel Pomini and HF GROUP endorse this technology and support its full-scale commercialisation and global deployment.

The company expressed gratitude to Neville for his foundational decade of service and for developing the core patented technology. He will continue to contribute to the growing team in a consulting capacity, focusing on new business opportunities.

The company statement read: “We would like to thank Paul for his many years of commitment and service as Founder and Managing Director over the last decade, and also congratulate him for his achievements in developing the patented technology upon which WFRT will now build its business. We are also pleased to retain Paul in our growing team in a consulting capacity to support and develop new business opportunities.”

Comments (0)

ADD COMMENT

Link Copied!

VIPO a.s., a Slovakian manufacturer of bead winding and apexing machinery for tyre production, has established a wholly owned subsidiary in India to capitalise on growing demand in one of the world's largest automotive markets.

VIPO INDIA PRIVATE LIMITED commences operations on  1 October from New Delhi, providing technical support, spare parts production, and customer service to tyre manufacturers across the country, the Partizánske-based company said in a statement.

The move represents a significant expansion for the mid-sized engineering firm, which supplies automation equipment to tyre makers globally. India's tyre industry has expanded rapidly in recent years, driven by robust vehicle sales and infrastructure development.

"The launch of VIPO INDIA PRIVATE LIMITED is a milestone in our global expansion," said Peter Duchovic, chief executive of VIPO a.s. "India represents not only one of the fastest-growing tyre and automotive markets but also a hub of innovation."

The subsidiary will offer locally produced components for high-wear parts and provide digital services including artificial intelligence-driven condition monitoring and augmented reality-based training programmes, the company said.

VIPO specialises in bead winding lines - equipment used to produce the steel wire bundles that anchor tyres to wheel rims. The company stated that its systems incorporate robotics and automation to reduce energy consumption and enhance production efficiency.

"With our New Delhi subsidiary, we will be closer to our customers — listening carefully to their requirements and integrating their needs into the development of new devices and services," Duchovic said.

The firm has committed to the Science Based Targets initiative, a framework for corporate emissions reductions aligned with climate science, according to the statement.

Comments (0)

ADD COMMENT

Link Copied!