Sumitomo Rubber Industries Ltd said Wednesday it will acquire from U.S. tire maker Goodyear Tire & Rubber Co the Dunlop brand business in Europe, North America and Oceania for $526 million.

The acquisition will enable Sumitomo Rubber to sell products under the brand globally in addition to Japan and other Asian countries where it already markets Dunlop tires, it said.

Sumitomo Rubber expects the strong recognition of the Dunlop brand to help increase its global competitiveness and sales of premium products, while Goodyear said the deal, expected to close in May, will allow it to focus on the growth of its core brands.

Under their agreement, Goodyear will license back the Dunlop trademarks from Sumitomo Rubber for commercial-use tires in Europe on a long-term basis, the U.S. company said.

In 2023, Dunlop consumer tire sales totaled $532 million and commercial tire sales came to $201 million, according to Goodyear.

The deal excludes the Dunlop motorcycle tire business in Europe and Oceania.