On July 22, 2024, The Goodyear Tire & Rubber Company agreed to sell its Off-the-Road (OTR) tire business, including Goodyear Canada, to The Yokohama Rubber Company for $905 million USD (approximately CAD 1.19 billion) in cash. The sale was part of Goodyear’s Goodyear Forward transformation plan. Goodyear’s OTR business served global markets in mining, construction, and industrial sectors. Goodyear retained the production of OTR tires for U.S. military applications and agreed to supply certain OTR tires to Yokohama for up to five years after the transaction’s closing. The deal was expected to close by early 2025, pending regulatory approvals and other conditions.

Yokohama was advised by Freshfields, while Evercore and Sullivan & Cromwell LLP acted as financial and legal advisors to Goodyear, respectively.