The Goodyear Tire & Rubber Company has sold most of its chemical business — a plan it announced in May — as it advances efforts to restructure its operations.

Goodyear sold the majority of its chemical business to an affiliate of Gemspring Capital Management Oct. 31 for a purchase price of $650 million. After adjustments, Goodyear received about $580 million, according to a news release from the Akron-based tire company.

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