Goodyear Tire rises after $905 mln deal to sell its off-road unit to Yokohama Rubber
** Shares of Goodyear Tire & Rubber Co GT.O rise 1% to $12.22 premarket
** Co says it has signed a definitive agreement to sell its off-the-road tire business to Yokohama Rubber Company for $905 million in cash
** Goodyear will retain its business providing off-road tires for U.S. military and defense applications, it said
** Goodyear intends to use transaction proceeds to reduce leverage and fund initiatives in connection with its forward transformation plan
** Co to manufacture certain OTR tires for Yokohama at some of its manufacturing locations for an initial period of up to 5 years after the closing of the transaction, it says
** The transaction is expected to close by early 2025
** YTD, stock has fallen 15.5%
Reporting by Abhinav Parmar in Bengaluru
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