The Goodyear Tire & Rubber Company has completed the previously announced sale of its rights to the Dunlop brand in Europe, North America, and Oceania for consumer, commercial, and other specialty tires, along with certain associated intellectual property and inventory, to Sumitomo Rubber Industries.

"The sale of the Dunlop brand is another action that advances Goodyear Forward by optimizing our portfolio, reducing leverage, and sharpening our focus on our core portfolio of brands," said Mark Stewart, Goodyear CEO and president. "Goodyear is making significant progress, transforming our operations and growing in our targeted segments, and I am confident in our ability to continue delivering on our objectives."

Gross cash proceeds at closing totaled $735 million, comprised of $526 million for the Dunlop brand, $105 million for a transition support fee, and $104 million for inventory. Goodyear intends to use the transaction proceeds to reduce leverage in connection with the Goodyear Forward transformation plan.