Goodyear Tire and Rubber Company (GT)

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Profitability

- Company confident in strategy, targets $1.6 billion segment operating income
in 2013

- Targets North American Tire segment operating income of $450 million in 2013

- Strategy remains focused on growth in targeted high-margin segments

- Capital investments to support 3% to 5% annual increase in units, improved
product mix


NEW YORK, March 22, 2011 /PRNewswire/ -- The Goodyear Tire & Rubber Company
(NYSE: GT) at an investor conference here today will discuss its strategies to
capitalize on industry and economic trends to achieve record levels of
profitability.

(Photo: http://photos.prnewswire.com/prnh/20110322/CL69213 )

(Logo: http://photos.prnewswire.com/prnh/20050204/GTLOGO )

Goodyear said it is targeting 2013 segment operating income in its North
American Tire unit of $450 million and improved segment operating income in its
international businesses. In total, Goodyear is targeting record segment
operating income of $1.6 billion in 2013.

"Having momentum coming out of the deep economic recession, we are now
positioned to confidently drive higher levels of performance across our
businesses," said Chairman and Chief Executive Officer Richard J. Kramer.

"We see the tire industry being guided by seven MegaTrends over the next five
to ten years. We believe these trends favor Goodyear and our well-established
innovation capability," he added.

"We have a clear view of our destination as a business and well-defined
strategies for driving value going forward. Our focus will be winning in the
segments where the highest profits are available for Goodyear and for our
customers."

Going forward, the company anticipates making capital investments of between
$1.1 billion and $1.3 billion per year in 2012 and 2013, up slightly from an
expected $1.1 billion to $1.2 billion in 2011. Between $500 million and $600
million each year will be focused on profitable growth opportunities through
plant modernizations, expansions and new construction. These investments will
support a 3 percent to 5 percent annual increase in unit volume, focused on
high-value-added tires in high-margin segments.

Goodyear expects to reduce its underfunded pension obligations to $1.2
billion -- or by more than half -- by 2013. It expects to make pension
contributions of $550 million in 2012 and $525 million in 2013 in addition to
contributions of approximately $275 million in 2011. As a result of these
planned actions, the company's pension expense is expected to decrease by $100
million a year by 2013.

The company will host a live webcast of the investor meeting today. The
webcast is scheduled to begin at approximately 8:45 a.m. and is expected to
conclude at 11:30 a.m.

Investors, members of the media and other interested persons can access the
webcast on the company's investor relations Web site:
http://investor.goodyear.com or via telephone by calling [phone] before
8:35 a.m. A replay will be available on the Web site or by calling (706)
645-9291, pass code 52676005.

Approximately 30 minutes prior to the start of the meeting, the company will
post the financial and other related information that will be presented on the
Web site.

Goodyear is one of the world's largest tire companies. It employs
approximately 72,000 people and manufactures its products in 56 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, go to www.goodyear.com.

Use of Forward-Looking Non-GAAP Financial Measure

This press release presents our targeted total segment operating income for
2013. Total segment operating income is an important financial measure for the
company but is not a financial measure defined by U.S. GAAP. Total segment
operating income is the sum of the individual strategic business units' segment
operating income as determined in accordance with U.S. GAAP. Management
believes that total segment operating income is useful because it represents
the aggregate value of income created by the company's SBUs and excludes items
not directly related to the SBUs for performance evaluation purposes. We are
unable to present a quantitative reconciliation of our targeted total segment
operating income to Income (Loss) before Income Taxes, which is the most
directly comparable forward-looking GAAP financial measure, because management
cannot reliably predict all of the necessary components of Income (Loss) before
Income Taxes without unreasonable effort. These items could be significant to
the calculation of Income (Loss) before Income Taxes in the future.

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. 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 realize anticipated savings and
operational benefits from our cost reduction initiatives or to implement
successfully other strategic initiatives; increases in the prices paid for raw
materials and energy; pension plan funding obligations; actions and initiatives
taken by both current and potential competitors; 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; a labor strike, work stoppage or other similar
event; 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.

SOURCE The Goodyear Tire & Rubber Company