TIRE MAKER GOODYEAR WILL SELL DUNLOP BRAND TO JAPAN'S SUMITOMO RUBBER FOR $701 MLN

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. Goodyear said it will continue to sell Dunlop-branded tires for passenger cars in Europe through at least Dec. 31 this year and will pay a royalty to Sumitomo Rubber.

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