Goodyear Offloads Chemical Business To Reduce Debt, Fund Growth
Written by Emily J. Thompson, Senior Investment Analyst
Source: Benzinga
Goodyear's Divestiture: Goodyear Tire & Rubber Company has announced the sale of its Goodyear Chemical business to Gemspring Capital for approximately $650 million, which includes two operational plants and a research center, while retaining ownership of other facilities.
Strategic Goals: The transaction is part of Goodyear's Forward transformation plan aimed at reducing debt and funding key initiatives, with the deal expected to close by late 2025 pending regulatory approval.
Analyst Views on FYT
Wall Street analysts forecast FYT stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for FYT is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
