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goodyear 8K Reports 11/13/08

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1) Goodyear responded to Standard & Poor's decision to place Goodyear's credit ratings on CreditWatch with negative implications as part of a broader action affecting 14 auto industry firms. 2) Goodyear believes S&P's action was misguided because less than 8% of Goodyear's $20 billion in annual sales are to the global operations of the Big Three U.S. automakers, and over 80% are in the replacement tire market. 3) Near-term impacts of challenges facing the Big Three automakers are not expected to materially affect Goodyear's liquidity.

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): November 13, 2008 The Goodyear Tire & Rubber Company __________________________________________ (Exact name of registrant as specified in its charter) Ohio 1-1927 34-0253240 _____________________ _____________ ______________ (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 1144 East Market Street, Akron, Ohio 44316-0001 _________________________________ ___________ (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: 330-796-2121 Not Applicable ______________________________________________ Former name or former address, if changed since last report Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01 Regulation FD Disclosure. A copy of a news release issued by The Goodyear Tire & Rubber Company on November 13, 2008 is attached hereto as Exhibit 99.1. Item 9.01 Financial Statements and Exhibits. (d) Exhibits 99.1 News release, dated November 13, 2008
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. The Goodyear Tire & Rubber Company November 13, 2008 By: C. Thomas Harvie Name: C. Thomas Harvie Title: Senior Vice President, General Counsel and Secretary
Exhibit Index Exhibit No. Description 99.1 News release, dated November 13, 2008
News Release Corporate Headquarters: 1144 East Market Street, Akron, Ohio 44316-0001 Media Website: www.GoodyearNewsRoom.com MEDIA CONTACT: Keith Price 330-796-1863 ANALYST CONTACT: Pat Stobb 330-796-6704 FOR IMMEDIATE RELEASE #23666fi.1108 Goodyear Responds to S&P Rating Action AKRON, Ohio, November 13, 2008 – The Goodyear Tire & Rubber Company today commented on Standard & Poor’s Ratings Services’ (S&P) decision to place its credit ratings on CreditWatch with negative implications as part of a broader action that included 14 auto industry-related firms. “We’re disappointed in Standard & Poors’ action. There are fundamental differences between our business and the companies whose businesses are heavily tied to the Michigan-based auto manufacturers,” said Darren R. Wells, Goodyear’s executive vice president and chief financial officer. “Of approximately $20 billion in total sales in 2007, less than 8 percent was with the global operations of the three Michigan-based automakers. This number will be lower given weak OE volumes in 2008. Our OE customers are important to us, but more than 80 percent of our sales are to the replacement market for consumers who already have vehicles.” Wells said the near-term impact of financial challenges among the Michigan-based automakers is not expected to be material to Goodyear’s liquidity. 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 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; work stoppages, financial difficulties or supply disruptions at our suppliers or customers; potential adverse consequences of litigation involving the company; pension plan funding obligations; deteriorating economic conditions or an inability to access capital markets; 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.

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goodyear 8K Reports 11/13/08

  • 1. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): November 13, 2008 The Goodyear Tire & Rubber Company __________________________________________ (Exact name of registrant as specified in its charter) Ohio 1-1927 34-0253240 _____________________ _____________ ______________ (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 1144 East Market Street, Akron, Ohio 44316-0001 _________________________________ ___________ (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: 330-796-2121 Not Applicable ______________________________________________ Former name or former address, if changed since last report Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  • 2. Item 7.01 Regulation FD Disclosure. A copy of a news release issued by The Goodyear Tire & Rubber Company on November 13, 2008 is attached hereto as Exhibit 99.1. Item 9.01 Financial Statements and Exhibits. (d) Exhibits 99.1 News release, dated November 13, 2008
  • 3. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. The Goodyear Tire & Rubber Company November 13, 2008 By: C. Thomas Harvie Name: C. Thomas Harvie Title: Senior Vice President, General Counsel and Secretary
  • 4. Exhibit Index Exhibit No. Description 99.1 News release, dated November 13, 2008
  • 5. News Release Corporate Headquarters: 1144 East Market Street, Akron, Ohio 44316-0001 Media Website: www.GoodyearNewsRoom.com MEDIA CONTACT: Keith Price 330-796-1863 ANALYST CONTACT: Pat Stobb 330-796-6704 FOR IMMEDIATE RELEASE #23666fi.1108 Goodyear Responds to S&P Rating Action AKRON, Ohio, November 13, 2008 – The Goodyear Tire & Rubber Company today commented on Standard & Poor’s Ratings Services’ (S&P) decision to place its credit ratings on CreditWatch with negative implications as part of a broader action that included 14 auto industry-related firms. “We’re disappointed in Standard & Poors’ action. There are fundamental differences between our business and the companies whose businesses are heavily tied to the Michigan-based auto manufacturers,” said Darren R. Wells, Goodyear’s executive vice president and chief financial officer. “Of approximately $20 billion in total sales in 2007, less than 8 percent was with the global operations of the three Michigan-based automakers. This number will be lower given weak OE volumes in 2008. Our OE customers are important to us, but more than 80 percent of our sales are to the replacement market for consumers who already have vehicles.” Wells said the near-term impact of financial challenges among the Michigan-based automakers is not expected to be material to Goodyear’s liquidity. 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 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; work stoppages, financial difficulties or supply disruptions at our suppliers or customers; potential adverse consequences of litigation involving the company; pension plan funding obligations; deteriorating economic conditions or an inability to access capital markets; 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.