AKRON—Goodyear plans to transfer its stock exchange listing to the Nasdaq Global Select Market from the New York Stock Exchange to take advantage of cost efficiencies and "high visibility" branding opportunities.
Goodyear shares of common stock will begin trading on the Nasdaq Global Select Market on or about Dec. 18 under the current Goodyear ticker symbol "GT." Additionally, Goodyear's 5.875-percent mandatory convertible preferred stock will trade on the Nasdaq Global Select Market under the ticker symbol "GTPPP."
"We are excited to welcome Goodyear to Nasdaq," said Bruce Aust, executive vice president, Nasdaq OMX Group Inc. "Goodyear is a global leader in the tire industry and has one of the world's most well-known and respected brands. We look forward to a long and successful relationship."
Goodyear said the move will provide it with "greater cost efficiencies and access to high visibility branding opportunities" while continuing to provide shareholders with strong execution and liquidity through Nasdaq's advanced trading technologies.
The decision ends an 85-year association with the New York Stock Exchange.