AKRON (Aug. 9)—Goodyear has completed the sale of its 95-percent interest in Goodyear Sumatra Plantations to Bridgestone Corp. for about $62 million.
The sale, originally announced last December, is consistent with the company's strategy to focus on core business activities, Goodyear said. The deal is subject to post-closing adjustments.
P.T. P.P. Berdikari, a state-owned Indonesian company, holds the remaining 5-percent interest in the plantation.
Bridgestone said it is purchasing the 47,000-acre site to secure a stable supply of natural rubber and increase its research and development in that area. Building independent production capabilities in key raw materials globally is a priority of the firm, it said.
The plantation, which began operating in 1917, has about 5,000 employees. The Hevea rubber plantation, located on one of the largest rubber estates in North Sumatra, Indonesia, is the last one owned by Goodyear, which acquired it in 1977.