NTAW Holdings (ASX:NTD) received notices of termination for agreements it had signed with Goodyear Tyre & Rubber units, Goodyear & Dunlop Tyres (Aust) and Goodyear & Dunlop Tyres (NZ), to distribute Dunlop-branded tire products in Australia and New Zealand, according to a Thursday Australian bourse filing.
This came after Goodyear entered into an agreement Tuesday to sell the Dunlop brand in Europe, North America, and Oceania to Sumitomo Rubber Industries.
The firm said it is reviewing the notices, and they will be effective only if the sale is completed.
The distribution agreements require the Goodyear units to repurchase all unsold stock of Dunlop products purchased from them and owned by units of NTAW Holdings in the 12 months before the termination date.
The company said it will engage with the Goodyear units and Sumitomo Rubber in relation to the potential future distribution of Dunlop-branded tires in Australia and New Zealand.
NTAW Holdings shares fell by almost 27% in recent trade on Thursday, hitting an all-time low.
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