Gemspring Capital to acquire a majority stake in the chemical business from Goodyear Tire & Rubber for $650m.

Gemspring Capital, a private equity firm, agreed to acquire a majority stake in the chemical business from Goodyear Tire & Rubber, a tire manufacturer, for $650m. "We look forward to unlocking the full potential of Goodyear Chemical as a standalone business and supporting its next chapter of growth and innovation. Goodyear Chemical is an industry leader, underpinned by deep customer relationships, a mission-critical product portfolio, a track record of innovation, and incredibly talented employees. We are grateful to the Goodyear team who have driven the success of the business to date and are committed to working closely with Goodyear to ensure a smooth transition for associates, customers, and suppliers," Mathew Wallace, Gemspring Managing Director.