Goodyear sells part of its business for 1.48 billion

Goodyear Tire & Rubber Co. has agreed to sell substantially all of its Engineered Products business for $1.475 billion. The buyer is EPD Inc., an entity sponsored by Carlyle Partners IV L.P. The transaction is subject to customary closing conditions, including the receipt of regulatory approvals as well as EPD's completion of a labor agreement with the United Steelworkers of America. As part of the transaction, Goodyear has agreed to a trademark licensing agreement that allows EPD to use the Goodyear brand and certain other trademarks in connection with the Engineered Products business.

The Carlyle Group is one of the world's largest private equity firms with $54.5 billion under management, investments in more than 185 companies, and 750 employees in 16 countries. In the aggregate, Carlyle portfolio companies have more than $68 billion in revenue and employ more than 200,000 people around the world.