Goodyear Achieved Many Milestones in 2013

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Apr 14, 2014, 05:05 ET

AKRON, Ohio, April 14, 2014 /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ: GT) achieved many milestones in 2013, a year that was unlike any other in its 115-year history.

Achieving record segment operating income and strong cash flow were just two of those highlighted by Chairman and Chief Executive Officer Richard J. Kramer at the company's annual shareholder meeting today.

This outstanding performance, he said, enabled Goodyear to achieve two additional significant milestones; reinstating a dividend on its common stock after 10 years and fully funding its U.S. pension plans.

"Without the shadow of the unfunded pension obligation, we can now both invest in our business and provide returns to our shareholders," Kramer said. "We're confident that the soundness of our strategy, our ability to execute against that strategy and the performance of our teams around the globe will continue to provide momentum toward our destination of delivering sustainable economic value for the long term."

Kramer also noted Goodyear's recent recognition by Fortune magazine as the world's "Most Admired" motor vehicle parts company based on factors including financial performance, innovation, product quality and social responsibility. "The companies on the Fortune list share many of the same attributes‒sustainable earnings, a focus on innovation, strong cultures and great brands," he said. "We see this honor as another validation of our progress and our competitive advantages."

During the meeting, shareholders re-elected 12 members of the company's Board of Directors to new one-year terms.

Shareholders also voted to ratify the appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for 2014. A shareholder proposal to appoint an independent board chairman was not approved. In an advisory vote, shareholders approved the compensation of the company's named executive officers.

Goodyear is one of the world's largest tire companies. It employs approximately 69,000 people and manufactures its products in 51 facilities in 22 countries around the world. Its two Innovation Centers in Akron, Ohio and Colmar-Berg, Luxembourg strive to develop state-of-the-art products and services that set the technology and performance standard for the industry. For more information about Goodyear and its products, go to www.goodyear.com/corporate. GT-FN

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 our control, that affect our operations, performance, business strategy and results and could cause our 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: our ability to implement successfully strategic initiatives; actions and initiatives taken by both current and potential competitors; increases in the prices paid for raw materials and energy; a labor strike, work stoppage or other similar event; deteriorating economic conditions or an inability to access capital markets; work stoppages, financial difficulties or supply disruptions at our suppliers or customers; the adequacy of our capital expenditures; our failure to comply with a material covenant in our debt obligations; potential adverse consequences of litigation involving the company; as well as the effects of more general factors such as changes in general market, economic or political conditions or in legislation, regulation or public policy. Additional factors are discussed in our filings with the Securities and Exchange Commission, including our annual report 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.

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SOURCE The Goodyear Tire & Rubber Company