Goodyear Tire and Rubber Company (GT)

[hotrod34racer]

Goodyear Outlines Strategic Path to Record 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 via COMTEX/ -- The Goodyear Tire & Rubber
Company (GT) at an investor conference here today will discuss its strategies to
capitalize on industry and economic trends to achieve record levels of
profitability.

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 http://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

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