LOUISVILLE, Ky. (Dec. 26, 2007) — Goodyear has sold its minority interest in tire-wheel mounting business T&WA Inc. to a newly formed Cincinnati company that has taken over the Louisville-based firm's assets.
Goodyear, which has held minority ownership in T&WA since 1999, said it expects to record an after-tax, non-cash loss of $30 million to $35 million in the fourth quarter as a result of the transaction, subject to post-closing adjustments. The company didn't reveal terms of the sale.
Goodyear said the divestiture is consistent with its strategy to focus on its core consumer and commercial tire businesses.
Louisville-based T&WA, which had achieved sales of as much a $500 million in the past, supplies mounted and balanced tire and wheel assemblies to auto manufacturers. The sale of the minority-owned business to EnovaPremier L.L.C. includes the Louisville headquarters and facilities in Montgomery, Ala.; Paris, Ky.; Charlotte, Mich.; and Princeton, Ind. It closed a plant in Birmingham, Ala., earlier this year after losing a contract with Honda Manufacturing of Alabama L.L.C.
EnovaPremier was formed by Cincinnati businessman Edwin Rigaud, who has more than 35 years of experience with Procter & Gamble, rising as high as vice president of the Cincinnati-based consumer goods company. Rigaud also is president & CEO of Enova Partners L.L.C., a plastics injection molding company servicing the automotive industry.