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Goodyear to Sell Wingtack Adhesives Resins Business to Sartomer

Published on 2005-06-28. Author : SpecialChem

 

AKRON, Ohio -- The Goodyear Tire & Rubber Company announced that it has agreed to sell its Wingtack adhesives resins business to Sartomer Company Inc., a unit of the French energy firm Total S.A., pending government and regulatory approvals. The transaction is also subject to customary closing conditions.

Goodyear will receive approximately $65 million for the business, which includes a manufacturing operation in Beaumont, Texas. The operation is adjacent to Goodyear's synthetic rubber production facility there, which will continue to supply raw materials for Wingtack production.

"A profitable business with high quality products, adhesives resins are not core to our chemicals operation, which is increasingly focused on supplying our tire businesses with synthetic rubber," said Robert J. Keegan, Goodyear chairman and chief executive officer.

"We thank our Wingtack associates for their contributions to Goodyear over the years and anticipate this will continue with Sartomer, which is part of one of the largest resins manufacturers in the world."

Goodyear's adhesives resins business produces Wingtack brand hydrocarbon resins that are used in a variety of pressure-sensitive and hot melt applications. The business has approximately 115 associates.

Sartomer, headquartered in Exton, Pa., has operations in West Chester, Pa.; Channelview, Texas; Stratford, Conn.; Chatham, Va.; Chatom, Ala.; and Grand Junction, Colo.

Goodyear is the world's largest tire company. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries around the world. Goodyear employs approximately 80,000 people worldwide.

Certain information contained in this press release may constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors, including the ability to obtain the necessary regulatory approvals and satisfy other contingencies with respect to the above referenced transaction. Additional factors that may cause actual results to differ materially from those indicated by such forward-looking statements are discussed in the company's Form 10-K for the year ended Dec. 31, 2004 and Form 10-Q for the quarter ended March 31, 2005, which are on file with the Securities and Exchange Commission. In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.

Source: The Goodyear Tire & Rubber Company


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