A PYMNTS Company

US: Goodyear to pay $271 million to end alliance with SRI

By  |  June 4, 2015

Goodyear Tire Co. has agreed to pay $271 million to Sumitomo Rubber Industries to dissolve its joint venture agreement with the Japanese company that spans three continents, according to a news release.

The 16-year-old alliance consists of four joint venture companies: one each in North America and Europe and two in Japan.

“While we have derived value from the alliance over the last 16 years, Goodyear is well positioned today to pursue our strategy on our own,” said Goodyear Chairman and Chief Executive Officer Richard J. Kramer in the release. “This successful resolution increases our flexibility to grow profitably as we continue to focus on delivering strong performance and sustainable economic value.”

Full content: The Wall Street Journal

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.