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On The Wings Of Goodyear
AKRON, Ohio, August 15, 2007 – The Goodyear Tire &
Rubber Company said today it is planning major
global investments to fuel growth and plans to repay
additional debt, both made possible by the recent
sale of its Engineered Products business and the
company’s successful equity offering.
Goodyear said it is considering potential new tire
factories in Eastern Europe and Asia in addition to
the company’s previously announced intent to invest
in existing tire factories to increase
high-value-added capacity by 40 percent globally and
increase capacity in existing low-cost plants by 33
percent. Together, these investments would drive the
company toward its strategy of having 50 percent of
its global capacity in low-cost countries by 2012.
The investment program includes modernization in
North America to Goodyear’s Fayetteville, N.C., and
Gadsden, Ala., tire plants for increased
high-value-added capacity, both supported with
investment incentives by local and state
governments.
"Consistent with what we have been telling
investors, the successful completion of the sale of
Engineered Products combined with our equity
offering in May allows us to expand our future
growth investments," said Goodyear Chairman and
Chief Executive Officer Robert J. Keegan. "We will
continue to use a disciplined approach in allocating
capital to high-return investments."
Goodyear Tires -
ATV Tires, ATV Tires, Goodyear Products
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