Goodyear sells specialty chemical business

AKRON (Dec. 28)—Goodyear has sold its specialty chemical business, which includes resins, elastomeric modifiers and rubber and plastic anti-degradants, to Littlejohn & Co. L.L.C., a private equity firm. The business, which includes facilities in Le Havre and Orsay, France, and Akron, generated $120 million in sales in 2000 with more than 410 employees. Financial details of the deal were not disclosed. The sale of the specialty chemicals business reflects Goodyear´s strategy to divest non-core assets and will help the company´s chemical business focus on its three core businesses: polymers and anti-oxidants; rubber latex used in asphalt modification; and adhesive resins. Goodyear Chemical continues to operate plants in Niagara Falls, N.Y., and Bayport and Houston, Texas. Angus Littlejohn, chairman and CEO of Littlejohn, said the business is known for an "outstanding brand portfolio and technical capabilities." Littlejohn manages a portfolio of seven companies with combined sales of $1.5 billion, and in the past has bought and sold five other chemical companies.