Goodyear Tyre & Rubber has announced that it has dissolved its global alliance with Sumitomo Rubber Industries.
The alliance, formed in 1999, consisted primarily of four joint venture operating companies – one each in North America and Europe and two in Japan.
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Goodyear retains exclusive rights to sell Dunlop brand tyres in the replacement market and to non-Japanese auto manufacturers in the US, Canada and Mexico. Goodyear also retains exclusive rights to sell Dunlop-brand tyres in replacement and original equipment markets in European countries where the former joint venture exclusively served the market. Additionally, Goodyear regains exclusive rights to serve Japanese markets with Goodyear-brand tyres. The completion of the transaction will resolve pending arbitration filed in January 2014.
As previously announced, the transaction does not impact the company’s existing financial targets or capital allocation plan.
