Goodyear has Momentum, Delivering on Strategy

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Apr 11, 2016, 05:01 ET

AKRON, Ohio, April 11, 2016 /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ: GT) achieved its third consecutive year of record segment operating income in 2015 and is well-positioned for future success.

"I am very pleased to report that our company delivered record levels of performance in 2015 and I believe we are well positioned to grow profitably in the future," Chairman, Chief Executive Officer and President Richard J. Kramer said at the company's annual shareholder meeting today. "I believe we're clearly on the right path, and we expect our positive momentum to continue in 2016."

"Not only have our results allowed us to continue to invest in our business for future growth, but they have allowed us to strengthen our balance sheet while at the same time returning capital to shareholders through dividends and share repurchases," he said.

Kramer said this demonstrates the company's focus on creating shareholder value over the long term. Evidence of Goodyear's progress can be found in the company's stock price performance as measured by Total Shareholder Return. Goodyear ranked 30th among all S&P 500 companies over the three-year period that ended on December 31, 2015.

"Our strategy is founded on the development of innovative products – from the market-back – that enhance the value of the Goodyear brand and distinguish us from the competition," he said.

"We are confident in our 2016 plan, and remain committed to our strategy of pursuing profitable volume and share in segments where the Goodyear brand is a differentiator. We believe that the best years are still ahead of us," Kramer said.

During the annual meeting, shareholders re-elected 13 members of the company's Board of Directors to new one-year terms and voted to ratify the appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for 2016. A shareholder proposal regarding proxy access was approved. In an advisory vote, shareholders approved the compensation of the company's named executive officers.

Goodyear is one of the world's largest tire companies. It employs about 66,000 people and manufactures its products in 49 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 and its products, go to www.goodyear.com/corporate. GT-FN

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 implement successfully our strategic initiatives; actions and initiatives taken by both current and potential competitors; foreign currency translation and transaction risks; a labor strike, work stoppage or other similar event; 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; increases in the prices paid for raw materials and energy; 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.

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SOURCE The Goodyear Tire & Rubber Company