Goodyear Sells Dunlop Brand to Sumitomo Rubber for $701M (2)

Goodyear Sells Dunlop Brand to Sumitomo Rubber Industries for $701 million, according to a press release. Sumitomo Rubber shares erased losses in Tokyo after the announcement, rising as much as 4.6%.

Key excerpts:

• The Goodyear Tire & Rubber Company today announced that it has signed a definitive agreement to sell the Dunlop brand, comprising trademarks and intangible assets necessary for operations of the brand business in Europe, North America and Oceania for consumer, commercial and other specialty tires, together with certain associated intellectual property, to Sumitomo Rubber Industries, Ltd.
• The transaction is subject to regulatory approvals, other customary closing conditions ...