GOODYEAR COMMENTS ON LETTER FROM ELLIOTT

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May 11, 2023, 12:01 ET

AKRON, Ohio, May 11, 2023 /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ: GT) ("Goodyear" or "the Company") released the following statement regarding the letter Elliott Investment Management L.P. ("Elliott") sent to the Goodyear Board of Directors this morning:

"We value input from our shareholders and regularly engage with them. We are reviewing Elliott's recommendations, and we intend to meet with them to discuss their views in more detail.

"Goodyear's Board and management team have a strong track record of making value-enhancing strategic decisions on behalf of shareholders. We regularly review the Company's strategic plan to ensure that Goodyear is best positioned to deliver strong, sustainable shareholder value. As part of our Strategy Roadmap, Goodyear continues to strengthen our leadership position in the global tire industry as we advance our connected business model and innovate for the future of mobility."

Goodyear is one of the world's largest tire companies. It employs about 74,000 people and manufactures its products in 57 facilities in 23 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 and its products, go to www.goodyear.com/corporate. GT-FN

SOURCE The Goodyear Tire & Rubber Company