DOW JONES NEWSWIRES
Goodyear Tire & Rubber Co. (GT) agreed to sell some Akron, Ohio, properties to Industrial Realty Group and signed a multiyear lease agreement to remain in its buildings until its new headquarters adjacent to its Akron Technical Center is completed.
Goodyear will post a second-quarter charge of $40 million to $45 million related to the sales.
Goodyear said in December 2007 that it would keep its headquarters in Akron, where the tire manufacturer was founded in 1898. The company announced a redevelopment of about 280 acres near downtown Akron that will replace its current headquarters and keep thousands of jobs in the area. Ohio was in competition with South Carolina and Virginia for the headquarters.
Industrial Realty Group is a closely held developer with a history of remaking old U.S. industrial sites.
Goodyear's shares closed Friday at $11.45, up 1%, and were in after-hours trading. The stock has climbed 92% this year.
-By Kathy Shwiff, Dow Jones Newswires; 201-938-5975; Kathy.Shwiff@dowjones.com