Goodyear announced Dec. 28 that it has sold its specialty chemical business, based in France, and certain specialty chemical-related U.S. assets to Littlejohn & Company, LLC, a private equity firm in Greenwich, CT.
The sale reflects Goodyear’s long-term strategy to sell non-core assets and reduce company debt, according to Sam Gibara, Goodyear’s chairman and CEO.
“We were very successful growing the specialty chemical business,” said Mr. Gibara, “and although it continues to be strong, it was not part of our long-term plan.”
The specialty chemical business, which includes resins for paints, coatings and print toners; elastomeric modifiers; and rubber and plastic anti-degradants, generated sales of more than $120 million in 2000; includes facilities located at Le Havre and Orsay, France, and Akron, Ohio; and employs more than 410 associates.
Goodyear Chemical continues to operate plants located in Niagara Falls, NY and Bayport, Beaumont and Houston, TX.