Goodyear exits hoses, belts business

By Tom Stundza -- Purchasing, 3/28/2007 7:01:00 AM

Goodyear Tire & Rubber has agreed to sell its engineered-products business for almost $1.5 billion to EPD Inc., an entity sponsored by private equity firm Carlyle Partners IV.

The Akron, Ohio-based tire maker's engineered-products business consists of 32 facilities and 6,500 people who make products such as hoses, conveyor belts, and air springs for customers in the industrial, military, consumer and transportation sectors. The deal remains subject to post-closing adjustments and conditions, as well as EPD's completion of a labor agreement with the United Steelworkers union.