"Goodyear Unveils Ambitious Transformation Plan: Goodyear Forward"
Goodyear Tire & Rubber Company has announced a transformation plan called "Goodyear Forward" aimed at optimizing its portfolio, expanding margins, and reducing leverage to create shareholder value. The plan includes pursuing strategic alternatives for its Chemical business, the Dunlop brand, and the Off-the-Road equipment tire business, as well as implementing cost reduction and top-line actions to drive profitability. Goodyear aims to double its segment operating income margin to 10% by the end of 2025 and achieve a net leverage of 2.0x - 2.5x by the same time. The company expects to generate over $2 billion in gross proceeds from portfolio optimization and reduce debt by approximately $1.5 billion.