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Goodyear explores sale of chemical business

Published on 2003-03-20. Author : SpecialChem

 

The Goodyear Tire & Rubber Company announced that, to both enhance its financial flexibility and focus future investments on its core business, it is exploring the possible sale of the company's Chemical business. Goodyear Chemical provides basic and high-performance polymers, antioxidants, latex and adhesive resins to customers worldwide. The business has annual revenues of more than $750 million.

"Goodyear Chemical is a great business, with outstanding associates, products and customer relationships," said Robert J. Keegan, president and chief executive officer. "As the largest producer of synthetic rubber for tires in the world, it is delivering a strong performance during the current economic downturn.

"We will consider the sale of the business to a buyer that will recognize the value and solid performance of the business, maintain Goodyear's level of service to current customers and take associates' needs into account."

Joseph Copeland, president of Goodyear Chemical, said the company's decision to explore the sale of the business would not interfere with its daily operations.

"We are focusing on meeting customer requirements, supplying quality products and expanding our business," he said.

Goodyear Chemical has its headquarters, research and development facilities and a pilot plant in Akron. Its manufacturing facilities are in Niagara Falls, N.Y.; and Beaumont, Bayport and Houston, Texas. The business has more than 1,400 associates.

Goodyear has retained Credit Suisse First Boston to advise on the possible divestiture.

Goodyear is the world's largest tire company. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries. It has marketing operations in almost every country around the world. Goodyear employs about 92,000 people worldwide.

Certain information contained in this press release constitutes 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 economic, financial and industry factors including without limitation the company's ability to implement its cost-cutting plans and achieve its sales targets. Additional factors that may cause actual results to differ materially from those indicated by such forward looking statements are discussed in the company's Form 10-K for the year ended Dec. 31, 2001 and Form 10-Q for the quarter ended Sept. 30, 2002, which are on file with the Securities and Exchange Commission. 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: Goodyear Tire & Rubber Company


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