Goodyear Tire and Rubber
hired J.P. Morgan and Goldman Sachs to help it explore the possible sale of its Engineered Products business.
"Engineered Products is an outstanding business," said CEO Robert J. Keegan. But "it is a non-core operation for Goodyear. As we continue to build on the considerable progress we have made in recent years, we believe the best course of action is to focus all of our resources on the growth of our core consumer and commercial tire businesses."
Led by President Tim Toppen, the business has achieved year-over-year growth in both sales and earnings in 2002, 2003 and 2004, Goodyear said.
On Tuesday, Goodyear fell 43 cents to $15.45.