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goodyear 8K Reports 08/15/07

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  • 1. SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549Form 8-K Current ReportPursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): August 15, 2007THE GOODYEAR TIRE & RUBBER COMPANY(Exact name of registrant as specified in its charter) Ohio1-192734-0253240 (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)1144 East Market Street, Akron, Ohio44316-0001(Address of principal executive offices) (Zip Code)Registrants telephone number, including area code: (330) 796-2121 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

2. Item 7.01 Regulation FD Disclosure A copy of the news release issued by The Goodyear Tire & Rubber Company (Goodyear) on August 15, 2007 is attached hereto as Exhibit 99.1. A copy of Goodyears presentation materials, presented to investor groups on August 15, 2007, is attached hereto as Exhibit 99.2.Item 9.01 Financial Statements and Exhibits (d) Exhibits 99.1 News release, dated August 15, 2007 99.2 Presentation materials, dated August 15, 2007 3. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.THE GOODYEAR TIRE & RUBBER COMPANYBy: /s/ C. Thomas Harvie Date: August 15, 2007 C. Thomas Harvie Senior Vice President, General Counsel and Secretary 4. Exhibit 99.1News Release Corporate Headquarters: 1144 East Market Street, Akron, Ohio 44316-0001Media Website: www.GoodyearNewsRoom.comMEDIA CONTACT:Keith Price 330-796-1863 ANALYST CONTACT:Greg Dooley 330-796-6704FOR IMMEDIATE RELEASEGoodyear Planning Further Investments in Growth; Announces Debt Repayment PlansAKRON, 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 companys successful equity offering.Goodyear said it is considering potential new tire factories in Eastern Europe and Asia in addition to the companys 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 Goodyears 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. In addition, Keegan said Goodyear has given notice to its lenders that it will repay its $300 million third lien term loan on August 16. The repayment will result in annualized interest expense savings of approximately $26 million, of which about $10 million will be realized in 2007. The secured loan matures in 2011. The companys debt repayment plans also include the early repayment, in the first quarter of 2008, of $650 million in secured notes that are due in 2011.Keegan said these early repayments coupled with the companys $315 million redemption of senior notes in June will save Goodyear more than $125 million in annual interest expense.(more) 5. 2Also today, Goodyear confirmed progress against its Four Point Cost Savings Plan. The company announced in April it now targets gross cost savings of $1.8 billion to $2 billion by the end of 2009.Through June 30, 18 months into the plan, Goodyear indicated it had achieved nearly $750 million in cost savings against this target.More than $500 million of these savings are a result of continuous improvement initiatives. While announced savings from eliminating high-cost manufacturing total $135 million, only $35 million of this was reflected in results through June 30. Sourcing raw materials, equipment and products from Asia and other low-cost countries has resulted in savings of $60 million and selling, administrative and general expense (SAG) savings-to-date total more than $150 million.We remain on track to achieve our targeted savings. While some of these savings are offset by currently elevated inflation levels in areas such as energy and some manufacturing inefficiencies in advance of footprint reductions, we are confident structural savings will be achieved on a net basis, particularly in North America, Keegan said.Goodyear said it is speaking to groups of investors today hosted by two securities analysts. The presentation material for these discussions has been posted on the companys investor relations web site, investor.goodyear.com, and furnished to the Securities and Exchange Commission as an exhibit to a Form 8-K.Goodyear is one of the worlds largest tire companies. The company employs about 70,000 people and manufactures its products in more than 60 facilities in 26 countries around the world. 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. There are a variety of factors, many of which are beyond the companys 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 companys ability to realize anticipated savings and operational benefits from its cost reduction initiatives, including those expected to be achieved under the companys master labor contract with the United Steelworkers (USW) and those related to the closure of certain of the companys manufacturing facilities; whether or not the various contingencies and requirements are met for the establishment of the Voluntary Employees Beneficiary Association (VEBA) 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 companys filings with the Securities and Exchange Commission, including the companys 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. -0- 6. Inves tor M eeting Augus t 15, 2007 7. Forwar d -Lookin g Statements Certain in form at ion contained in this pres ent at ion may cons titut e f orwar d-looking s tatements for purpo ses of the s afe harb or pr ovisi ons o f T he Priv at e S ecu rities Li tigation Refor m Act of 1995. T here are a variety of factor s, many of whi ch ar e beyond the company's control , which aff ect i ts o per ations , perf ormance, bus ines s s trategy and resu lts and cou ld cause its actual r es ults and experi en ce to diff er materiall y fr om the ass umpt ions , expect at ions and objectives exp ress ed in any f orwar d -looking s tatements . Th es e factor s in cl ude, but are not limited t o: actions and initiati ves taken by b oth curr ent and potential com petitor s; in cr eases in the pr ices paid f or r aw materials and energy; t he com pany's abili ty to r eali ze anti ci pated saving s and oper ational benefit s f rom i ts cos t r ed uct ion init iatives, i ncluding th ose expected to be achieved under the company's m as ter labor contr act with the Unit ed Steelwork er s ( USW) an d thos e r elated to the clos ure of certain of the company's manufactur ing facilit ies; wh et her or n ot the vario us conti ngencies and r equirements are met f or t he es tablis hment o f the Volun tary E mployees ' Beneficiar y As sociation (VE BA) to pr ovide healthcare benefit s f or cur rent and f uture USW r etirees ; potential adv er se cons equences of litigation involving the company; pens ion plan f unding o bligations ; as well as t he ef fects of mo re general f actor s such as changes in gen er al market o r economic condit ions or in l egi slati on, regulati on or pub lic policy. Addi tional f actor s ar e dis cus s ed in the company's fil ings with the Secur ities an d Exchange Commi ss ion, inclu ding the company's annual repor ts on For m 10 -K, quarterl y repor ts on Form 10 -Q an d cu rrent r

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