Louisville, Kentucky -- Goodyear has sold its minority shareholding interest in T&WA Inc., a minority-owned tyre-wheel mounting business, to a newly formed Cincinnati company that has taken over the Louisville-based firm's assets.
Goodyear, which has held minority ownership in T&WA since 1999, said it expects to record an after-tax, non-cash loss of $30 million to $35 million in the fourth quarter as a result of the transaction, subject to post-closing adjustments. Terms of the deal were not disclosed; T&WA's annual sales have been as much as $600 million recently.
Goodyear said selling its share is consistent with its previously announced strategy to focus on its core consumer and commercial tyre businesses.
Louisville-based T&WA supplies mounted and balanced tyre and wheel assemblies to auto manufacturers. The sale to EnovaPremier LLC includes the Louisville headquarters and facilities in Montgomery, Alabama, Paris, Kentucky, Charlotte, Michigan, and Princeton, Indiana. It closed a plant in Birmingham, Alabama, earlier this year after losing a contract with Honda Manufacturing of Alabama LLC.
EnovaPremier is a new company formed by Cincinnati businessman Edwin Rigaud, who has more than 35 years of experience with Procter & Gamble, rising as high as vice president of the Cincinnati-based consumer goods company. Mr. Rigaud also is president & CEO of Enova Partners LLC, a plastics injection moulding company servicing the automotive industry.
From Tire Business (A Crain publication)