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Goodyear Chairman and Chief Executive Officer Robert Keegan: Goodyear Well Positioned for Future


April 2007
 Filed under: CORPORATE Car News | CORPORATE Headlines
AKRON, Ohio, April 10 /PRNewswire-FirstCall/ -- In his address at The Goodyear Tire & Rubber Company's 2007 Annual Shareholder Meeting today, Chairman and Chief Executive Officer Robert J. Keegan said the tiremaker is well positioned for the future thanks to strong business platforms created last year.

"When you combine our core business focus with strong top line growth, a better cost structure and a stronger balance sheet, you have an organization that is capable of moving forward at a much quicker pace than anything you have seen from Goodyear to date," Keegan said.

"The market is presenting Goodyear with significant opportunities in 2007 and beyond. We plan to aggressively capitalize on those opportunities."
The year 2006 will be remembered as a pivotal year in Goodyear's strategic, operational and cultural transformation, Keegan said. "I am proud of our accomplishments in 2006. The way we embraced a myriad of challenges and quickly converted those to opportunities was a credit to the entire Goodyear team. In a word, we have been innovative."

Keegan said he hopes investors and others also see Goodyear associates "as innovators not only of products and technology, but innovators throughout all aspects of our business."

Despite the challenges presented in 2006, he said the company delivered on several significant accomplishments, including:

- Continued strong product leadership,
- A renewed focus on innovative marketing,
- Improved revenue per tire,
- Reduced cost structure,
- Exited businesses with low profitability,
- Record results in the company's emerging market businesses and
- A new, lower-cost union contract in North America.

Keegan cited the company's important financial milestones in 2006, including record sales of $20.3 billion and market capitalization nearly $5 billion higher than the company's low point in February 2003.

"This market cap increase is strong evidence that our intense focus on our Seven Strategic Drivers has created tremendous value for our shareholders," he said.

The successes of 2006, combined with actions taken in the first quarter of 2007, puts Goodyear on pace to achieve the next stage financial metrics Keegan first discussed with investors in September 2005.

"With the strong business platforms we have created to drive our performance and the pace at which we are now executing, I am confident we have the ability to achieve these goals," Keegan said.

"While there are still plenty of challenges ahead, we now have a proven track record and much stronger business platforms than when our journey began four years ago."

Goodyear (NYSE:GT) is one of the world's largest tire companies. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries around the world. Goodyear employs more than 75,000 people worldwide. For more information about Goodyear go to www.goodyear.com/corporate.

Certain information contained in this press release may constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors, many of which are beyond the company's control, which affect its operations, performance, business strategy and results and could cause its actual results and experience to differ materially from the assumptions, expectations and objectives expressed in any forward-looking statements. These factors include, but are not limited to: actions and initiatives taken by both current and potential competitors; increases in the prices paid for raw materials and energy; the company's ability to realize anticipated savings and operational benefits from its cost reduction initiatives, including those expected to be achieved under the company's master labor contract with the USW and those related to the closure of certain of the company's manufacturing facilities; whether or not the various contingencies and requirements are met for the establishment of the Voluntary Employee Beneficiary Association (VEBA) to be established to provide healthcare benefits for current and future USW retirees; potential adverse consequences of litigation involving the company; pension plan funding obligations as well as the effects of more general factors such as changes in general market or economic conditions or in legislation, regulation or public policy. Additional factors are discussed in the company's filings with the Securities and Exchange Commission, including the company's annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.

Source: The Goodyear Tire & Rubber Company

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