- No concerns over raw material supply for tire production
- Process seen as a 'real competitive advantage' for Goodyear
AKRON, Ohio, Oct. 3 /PRNewswire-FirstCall/ -- The Goodyear Tire & Rubber
Company (NYSE: GT) today said it has no concerns about raw material supplies
for its tire production as its synthetic rubber plants returned to operation
quickly due to the effectiveness of the company's Business Continuity efforts.
The plants in Beaumont, and Houston, Texas had been closed in advance of
Hurricane Ike making landfall on September 13.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050204/GTLOGO )
The company said the short production interruption and minimal business
impact resulted from its comprehensive Business Continuity process, which was
enacted in advance of the hurricane's landfall. In addition, contingencies
were put in place to obtain critical raw materials for the company's tire
manufacturing facilities.
Goodyear's Business Continuity process is an integrated strategy for
maintaining the company's ability to operate under adverse conditions. It
includes initiatives to avoid operational disruptions, return to normal
following incidents and emergencies, maximize the safety of associates and
ensure the long-term viability of the business.
'We're extremely pleased by the way our Business Continuity process works,
and how we were able to quickly get our operations running after the
hurricane,' said Robert J. Keegan, chairman and chief executive officer. 'We
see the management of this process as a real competitive advantage in these
types of circumstances.'
As part of the Business Continuity efforts, the company pulled forward a
limited amount of previously announced reductions in North American tire
production to ease the pressure on its raw material supply chain, but
continued to produce tires that were in demand by consumers. No tire plants
were damaged by the hurricane.
Goodyear is one of the world's largest tire companies. Goodyear employs
about 70,000 people and manufactures its products in more than 60 facilities
in 25 countries around the world. For more information about Goodyear, go to
http://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 our control, which 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: actions and initiatives taken by both current
and potential competitors; increases in the prices paid for raw materials and
energy; our ability to realize anticipated savings and operational benefits
from our cost reduction initiatives or to implement successfully other
strategic initiatives; 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
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
