From Tire Review Staff & Wire Reports
AKRON, OH — Goodyear Tire & Rubber Co. is selling its Indonesian natural rubber plantation to Bridgestone Corp., it was announced this morning. Terms were not announced, and Goodyear said the sale would not interfere with its ability to source natural rubber for tire production.
Goodyear owns a 95 percent share in Goodyear Sumatra Plantations, which began operations in 1917. The 5,000-employee operation includes planting, growing, tapping and processing of natural rubber. Bridgestone’s Bridgestone Americas Holding owns a massive natural rubber plantation in war-torn Liberia. The company has been working with Liberian authorities to get that plantation back on-stream after it was abandoned during that country’s long civil war.
In its news release announcing the move, Goodyear said the sale was “consistent with its announced strategy to focus on core business activities, which include manufacturing and selling consumer and commercial tires as well as the production of synthetic rubber,” with no mention made of its engineered products operations. Goodyear said the transaction will be completed after several approvals are obtained from the governmental bodies in Indonesia.
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