Goodyear, United Steelworkers reach tentative labor agreement

News provided by

Jul 29, 2017, 23:49 ET

AKRON, Ohio, July 29, 2017 /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ: GT) and the United Steelworkers (USW) have reached tentative agreement on a new five-year master labor contract covering nearly 7,000 workers at five plants in the United States.

"We believe we have crafted a new labor agreement that positions both Goodyear and the United Steelworkers for success in the future," said Jim Allen, Goodyear's vice president, Global Labor Relations.

The tentative agreement is subject to a ratification vote by USW members at the five plants covered by the contract: Akron, Ohio; Danville, Va.; Fayetteville, N.C.; Gadsden, Ala.; and Topeka, Kan. It is expected that the local unions will schedule ratification votes within the next few weeks.

Goodyear is one of the world's largest tire companies. It employs approximately 65,000 people and manufactures its products in 47 facilities in 21 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 or 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. In the case of the United Steelworkers master collective bargaining agreement, such factors include the ability of the company and the United Steelworkers to achieve ratification of the agreement by union members. Beyond that, factors that could impact actual results include, but are not limited to: our ability to implement successfully our strategic initiatives; actions and initiatives taken by both current and potential competitors; increases in the prices paid for raw materials and energy; a labor strike, work stoppage or other similar event; foreign currency translation and transaction risks; 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; 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