AKRON, Ohio (AP) - Goodyear Tire & Rubber Co. on Wednesday completed its sale of nearly all of its engineered products business for $1.48 billion to EPD Inc., part of Washington-based private equity firm Carlyle Partners.
Goodyear said it expects to use the money to reduce debt, cover obligations for employee benefits and buyouts, and invest in its core tire businesses.
Certain procedural adjustments remain, such as determining inventory levels, but nothing that would interfere with the closing, the company said.
Goodyear's engineered products business had 32 facilities in 12 countries and has approximately 6,300 employees. It makes engineered rubber products for industrial, military, consumer and transportation customers.