OTHER NEWS - March 28, 1992
From Times Staff and Wire Reports
Goodyear to Sell Polyester Business: Goodyear Tire & Rubber Co. said it plans to sell its polyester business to Shell Chemical Co. to help cut its $2.6-billion debt. The sale price was not disclosed, but analysts estimated that the world’s No. 3 tire maker could pocket up to $250 million from the deal. Included in the sale would be Goodyear’s polyester resin manufacturing facility in Point Pleasant, W.Va., its polyester technical center in Akron and related assets. Shell Chemical is owned by Royal Dutch/Shell Group, the world’s largest oil company. “Proceeds of the sale will be used to reduce further Goodyear’s corporate debt,” said Stanley Gault, chairman of Akron, Ohio-based Goodyear.
