After more than 85 years together, Goodyear and the New York Stock Exchange are breaking up.
The Akron tire maker on Friday announced it is transferring its stock exchange listing from the NYSE to the Nasdaq on or about Dec. 18.
Goodyear Tire & Rubber Co. will become part of the Nasdaq Global Select market, which includes large household name companies such as Apple, Google, Microsoft and Facebook.
Goodyear said its shareholders should not notice any difference in the switchover. The company ticker symbol will remain GT. Goodyear first listed on the NYSE on Aug. 5, 1927, according to the exchange’s website.
“It’s a seamless transition,” Goodyear spokesman Keith Price said. “This is something we decided to do, a voluntary decision on Goodyear’s part.”
The move to the Nasdaq will save Goodyear money, Price said. But cost savings was among several reasons the company’s board of directors authorized the move, he said.
Goodyear said moving to the Nasdaq exchange also provides the company with “access to high visibility branding opportunities” and gives shareholders access to advanced trading technologies. Goodyear also said that its 5.875 percent convertible preferred stock will trade on the Nasdaq under the ticker symbol GTPPP.
Other Ohio companies listed with Nasdaq include A. Schulman Inc., Cooper Tire & Rubber Co., Diebold Inc., FirstEnergy Corp., J.M. Smucker Co., Myers Industries Inc.. Omnova Solutions, RPM International, Procter & Gamble and Timken Co.
The New York Stock Exchange, whose roots go back to 1792, is the world’s largest such exchange based on the value of company stock, or market capitalization. The Nasdaq, founded in 1971 and owned by Nasdaq OMX Group, is the world’s second largest stock exchange based on market cap and was the world’s first electronic stock exchange.
Shares of Goodyear on Friday rose 4 cents to $12.78.
“We are excited to welcome Goodyear to Nasdaq. Goodyear is a global leader in the tire industry and has one of the world’s most well-known and respected brands,” Bruce Aust, executive vice president, Nasdaq OMX Group, Inc., said in a news release. “We look forward to a long and successful relationship.”
Jim Mackinnon can be reached at 330-996-3544 or firstname.lastname@example.org.