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Farm tire sale to hurt Goodyear’s earnings

Published Tuesday, January 03, 2006

Akron, OH-based Goodyear Tire & Rubber Co. has finalized the sale of its North American farm tire assets to Titan Tire Corp., a subsidiary of Titan International, for $100 million. The deal involves Goodyear’s farm tire manufacturing plant, property and equipment in Freeport, IL, plus tire inventories and a licensing agreement with Titan to pay a royalty to manufacture and sell Goodyear-branded farm tires in North America. However, Goodyear said it’s going to losing $65 million on the deal, mainly due to the cost of curtailing employee pension and post-retirement medical plans. This will result in $60 million ...

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