Gemspring Capital Management LLC, a private equity firm focused on middle-market companies, announced that an affiliate has entered into a definitive agreement to acquire the polymer chemicals business of The Goodyear Tire & Rubber Co.. The transaction marks a significant move by Gemspring to deepen its investment in industrial and chemical manufacturing sectors.

The acquisition includes two major operating facilities in Houston and Beaumont, Texas, along with a research and development center located in Akron, Ohio. These assets comprise the core of Goodyear Chemical, a business known for its extensive production of synthetic rubber and a broad range of chemical products used across various industries. The business serves a wide variety of customers, including some of the world's largest tire manufacturers.

Goodyear will retain ownership of its chemical facilities in Niagara Falls, New York, and Bayport, Texas, and will continue to hold rights to products manufactured at those locations. The Akron-based chemical business being acquired is recognized for its diversified applications beyond the tire industry. Its portfolio supports end markets such as food packaging, medical devices, adhesives, sporting goods, thermoset plastics, and numerous other consumer and industrial products.

"Goodyear Chemical is a well-established industry leader with a reputation for innovation, technical excellence, and reliable customer partnerships," said Mathew Wallace, managing director at Gemspring Capital. "We are excited about the opportunity to support this business as it transitions into a standalone company. Our goal is to help unlock new growth opportunities while ensuring continuity for employees, customers, and suppliers."

Tesham Gor, a Gemspring executive advisor who is expected to become chief executive officer of the standalone business, echoed Wallace's enthusiasm for the deal.

“We believe Goodyear Chemical has an incredible future ahead as an independent entity,” Gor said. “We intend to leverage our strategic and operational resources to enhance the company’s ability to deliver cutting-edge elastomer technologies and engineered solutions to customers around the globe. As we focus on sustainable innovation, our team is committed to investing in people, expanding global relationships, and driving value through operational excellence.”

The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to be completed by the end of 2025.

Based in Westport, Connecticut, Gemspring Capital specializes in providing flexible capital solutions and strategic support to middle-market companies. The firm’s investment in Goodyear Chemical aligns with its mission to foster growth and operational improvement in high-potential businesses.

This acquisition represents a pivotal step for both parties, with Gemspring aiming to enhance Goodyear Chemical’s market reach and innovation capabilities, and Goodyear focusing on its core operations while maintaining a strategic footprint in the chemical space.