Goodyear Tire ( GT ) announced that it has signed a definitive agreement to sell the Dunlop brand, comprising trademarks and intangible assets necessary for operations of the brand business in Europe, North America and Oceania for consumer, commercial and other specialty tires, together with certain associated intellectual property, to Sumitomo Rubber Industries. The sale of the Dunlop Brand follows a previously announced strategic review of the brand. Pursuant to the transaction terms, SRI will pay Goodyear cash proceeds at closing of approximately $701M for the transfer of the Dunlop Brand across the relevant geographies, a "Transition Fee" for support in transitioning the Dunlop Brand to SRI, and the purchase of Dunlop tire inventory. The transaction also provides for additional ongoing offtake, licensing and other arrangements which are detailed below. The transaction is subject to regulatory approvals, other customary closing conditions and consultations and is expected to close by mid-2025.