The Goodyear Tire & Rubber Company has completed its sale of its rights to the Dunlop brand in Europe, North America and Oceania for consumer, commercial and other specialty tires, together with certain associated intellectual property and inventory, to Sumitomo Rubber Industries, Ltd. effective May 7.

"The sale of the Dunlop brand is another action that advances Goodyear Forward by optimizing our portfolio, reducing leverage and sharpening our focus on our core portfolio of brands," said Goodyear Chief Executive Officer and President Mark Stewart. "Goodyear is making significant progress, transforming our operations and growing in our targeted segments, and I am confident in our ability to continue delivering on our objectives."

According to a statement from the company, ross cash proceeds at closing totaled $735 million, comprised of $526 million for the Dunlop brand, $105 million for a transition support fee and $104 million for inventory. 

Goodyear said it intends to use the transaction proceeds to reduce leverage in connection with the Goodyear Forward transformation plan.