Continental Carbon Company Files Collection Lawsuit Against Goodyear Tire and Rubber Company

    HOUSTON--May 14, 2003--On May 2, 2003, Continental Carbon Company filed a collection lawsuit in Houston, Texas against the Goodyear Tire & Rubber Company for $2.3 million in products bought, received and used by Goodyear. This lawsuit, which was filed in the 189th District Court in Harris County, Texas, also addresses a breach of contract by Goodyear that resulted in monetary damages to Continental Carbon Company. For nearly eight months, Continental Carbon Company has been actively seeking payment for these delinquent receivables, but having exhausted all other avenues of resolution, the company had no other alternative but to engage in legal action to resolve the business dispute.
    In response to Continental Carbon's collection lawsuit, Goodyear filed a retaliatory counter lawsuit against Continental Carbon Company on May 8, 2003. Continental Carbon Company believes Goodyear is attempting to use its lawsuit to evade its financial obligations. Accordingly, Continental Carbon Company believes Goodyear's counter suit to be without merit and is confident that Continental Carbon Company will be vindicated, should these lawsuits go to trial.
    Continental Carbon Company is recognized as a leader in the development and manufacture of furnace-grade carbon blacks used in tire, rubber and other manufacturing applications. Headquartered in Houston, Texas, Continental Carbon Company owns and operates production facilities in Alabama, Oklahoma and Texas. Additionally, Continental Carbon Company operates a research and development laboratory, and marketing and sales offices in Houston; additional marketing and sales facilities in Georgia and North Carolina, and marketing, sales and distribution facilities in Ohio. More information about Continental Carbon Company is available on the World Wide Web at continentalcarbon.com.