Goodyear sells Indonesian rubber plantation
By Liz White, ERJ staff
Akron, Ohio-Goodyear Tire & Rubber Co. has completed the sale its 95 percent stake in Goodyear Sumatra Plantations (GSP) in Indonesia to Bridgestone Corp. for about $62 million The tyre maker said the deal, announced earlier, is part of its strategy to "focus on core business."
Goodyear also claims the deal will have no significant impact on its ability to acquire natural rubber for its operations. The group is one of the largest users of NR and said it supports agricultural and economic initiatives that encourage development of the sector.
GSP, set up in North Sumatra, Indonesia in 1917, has about 5000 employees.
Goodyear recorded a charge of $15.6 million in the fourth quarter of 2004 for the transaction-primarily to write-off cumulative foreign currency translation, the group said.