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.

Goodyear will continue making and selling Dunlop tires in Europe through at least the end of 2025 under a transition agreement.

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,

Goodyear announced on Tuesday that it will sell the Dunlop brand to Sumitomo Rubber Industries Ltd. for an estimated $701 million.

Goodyear sells Dunlop brand to Sumitomo Rubber for $701 million. Details on the strategic deal and financial impact.

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.

Sumitomo Rubber Industries will pay Goodyear approximately $701 million for the transfer of the Dunlop Brand.

(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.