Sep 21 2005
The Goodyear Tire & Rubber Company today announced that it is exploring the possible sale of the company's Engineered Products business. The company has engaged J. P. Morgan Securities Inc. and Goldman, Sachs & Co. as financial advisors.
"Engineered Products is an outstanding business, with great associates, products and customers," said Robert J. Keegan, Goodyear chairman and chief executive officer. Led by President Tim Toppen, the business has achieved year-over-year growth in both sales and earnings in 2002, 2003 and 2004.
"While Engineered Products is performing well, it is a non-core operation for Goodyear. As we continue to build on the considerable progress we have made in recent years, we believe the best course of action is to focus all of our resources on the growth of our core consumer and commercial tire businesses," said Keegan.
"We will consider the sale of the business to a buyer that will recognize the considerable value of the business and its associates while maintaining Goodyear's level of service to customers."
Toppen said the decision to explore a sale of the business would not interfere with its focus on daily operations and meeting customer needs.
"The cornerstone of our operating philosophy stays intact -- we want to help our customers grow their businesses for the long-term," he said.
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