Goodyear, USW Reach Tentative Agreement

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Jul 29, 2013, 07:00 ET

AKRON, Ohio, July 29, 2013 /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ: GT) and the United Steelworkers (USW) have reached tentative agreement on a new master contract covering about 8,000 employees at six U.S. plants. The tentative agreement was reached Saturday evening, July 27.

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Jim Allen, Goodyear's Vice President Global Labor Relations, and Tom Conway, USW Vice President Administration, said the tentative agreement must be approved by a majority of the six local unions representing a majority of the membership.

Ratification votes will be scheduled at the facilities in the near future.

The company will not discuss details of the proposed agreement until union members at the plants have an opportunity to review it.

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. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors, including the ability of the company and the United Steelworkers to reach agreement on the terms of a master collective bargaining agreement as well as the ratification of any such agreement by the members of the United Steelworkers, and any action that may be taken by the company or the United Steelworkers in the event that no such agreement is reached. There are a variety of additional factors, many of which are beyond the company's control, which affect its operations, performance, business strategy and results and could cause its actual results and experience to differ materially from the 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, the company's ability to realize anticipated savings and operational benefits from its cost reduction 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 the company's filings with the Securities and Exchange Commission, including the company's annual reports 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. GT-FN

SOURCE The Goodyear Tire & Rubber Company