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Private equity firm The Carlyle Group has agreed to acquire The Goodyear Tire & Rubber Company's Engineered Products Division for $1.475 billion in cash.
Goodyear Engineered Products manufactures hoses, conveyor belts and power transmission belts, as well as tank tracks for military and off-road vehicles. With approximately $1.5 billion in sales, the company serves more than 4,500 customers around the world in a variety of end markets. Following the transaction, the company's headquarters will remain in
, and current management, including President and CEO Timothy R. Toppen, will continue to lead the business.
The Goodyear Tire & Rubber Company is one of the world's largest tire companies. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries around the world.