The Goodyear Tire & Rubber Company is exploring the possible sale of the company’s Engineered Products business.
“While Engineered Products is performing well, it is a non-core operation for Goodyear. We believe the best course of action is to focus all of our resources on the growth of our core consumer and commercial tyre businesses,” said Robert J. Keegan, Goodyear chairman and chief executive officer.
Goodyear Engineered Products manufactures and markets engineered rubber products for industrial, military, consumer and transportation original equipment end-users. The product portfolio of the business includes hose, conveyor belts, power transmission products, moulded products and air springs.
Led by President Tim Toppen, the business has achieved year-over-year growth in both sales and earnings in 2002, 2003 and 2004. Toppen said the decision to explore a sale of the business would not interfere with its focus on daily operations.
In 2004, the business had sales of approximately $1.5 billion and segment operating income of $113 million. It operates 30 facilities worldwide and has approximately 7,000 associates.