The Goodyear Tire and Rubber Company has entered into a definitive agreement to divest its Dunlop brand to Sumitomo Rubber Industries (SRI).

Goodyear Tire & Rubber plans to sell its Dunlop brand to Japan’s Sumitomo Rubber Industries for about $700 million. The Ohio-based tiremaker said Tuesday that it agreed to sell the Dunlop trademarks and intangible assets in Europe,

The Goodyear Tire & Rubber Company announced that it has signed a definitive agreement to sell the Dunlop brand to Sumitomo Rubber Industries, Ltd.

The Goodyear Tire & Rubber Company (NASDAQ:GT) shares are trading flat premarket on Wednesday. On Tuesday, the company entered a deal to sell its Dunlop brand to Sumitomo Rubber Industries (SRI) for cash proceeds of around $701 million.

Sumitomo acquires Dunlop to grow it as a premium tire brand. Focus includes Active Tread technology and motorsports.

(Reuters) -Goodyear Tire & Rubber Co said on Tuesday that it will sell its Dunlop brand to Japan's Sumitomo Rubber Industries for $701 million in cash as part of a plan to streamline its business. The sale covers the Dunlop brand and its trademarks in Europe, North America and Oceania, the company said.

Goodyear has signed a long-anticipated agreement to sell the venerable Dunlop tire brand — which has roots back more than 130 years — to Sumitomo Rubber Industries Ltd. (SRI) for approximately $701 million in cash.

Goodyear Tire & Rubber (NASDAQ:GT) said Tuesday it agreed to sell its Dunlop tire brand to Japan's Sumitomo Rubber Industries for $701M in cash. Under the deal terms, Goodyear (GT) said it will continue to manufacture,