Goodyear Tire & Rubber Company has signed a definitive agreement to sell its

to Yokohama Rubber Company, Limited, for $905 million in cash.

The transaction follows a previously announced

, which is part of the Goodyear Forward transformation plan.

According to a release, Goodyear's

provides industry-leading OTR tires worldwide for surface and underground mining, construction and quarry, and port and industrial end markets. Goodyear OTR offers a comprehensive suite of trusted products, services, and tire management solutions that help customers optimize their operations and improve productivity and efficiency.

"The sale of the

marks an important milestone as we continue to execute against our Goodyear Forward transformation plan," said Mark Stewart, Goodyear Chief Executive Officer and President. "We are grateful to our OTR colleagues who have driven the success of the business and are committed to working closely with

to ensure a smooth transition for customers and associates."

Goodyear will retain its

for U.S. military and defense applications.

Under a Product Supply Agreement to be entered into with 

 in connection with the closing of the transaction, Goodyear will manufacture certain OTR tires for Yokohama at some of its manufacturing locations for an initial period of up to five years after the closing of the transaction.

The transaction is subject to regulatory approvals, other customary closing conditions, and consultations and is expected to close by early 2025.

to reduce leverage and fund initiatives in connection with the Goodyear Forward transformation plan.

Evercore is acting as the exclusive financial advisor, and Sullivan & Cromwell LLP is acting as the legal advisor to