Goodyear sells Sumatra stake

News

The Goodyear Tire & Rubber Company has sold its stake in Goodyear Sumatra Plantations (GSP) to Bridgestone Corporation for approximately $62 million.

The

has sold its stake in Goodyear Sumatra Plantations (GSP) to

for approximately $62 million, subject to post-closing adjustments.

Goodyear said the decision to sell its 95 percent stake in GSP is consistent with its strategy to focus on core business activities.

Goodyear says it is one of the largest users of natural rubber in the world and that it supports agricultural and economic initiatives that encourage its development. This transaction is not expected to significantly impact the company's ability to acquire natural rubber for its operations.

Goodyear recorded a non-cash after-tax charge of $15.6 million (8 cents per share) in the fourth quarter of 2004 in connection with the transaction.

GSP, which began operations in North Sumatra, Indonesia in 1917, has approximately 5,000 employees.

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