Goodyear to Sell Stake in Indonesian Rubber Plantation

AKRON, Ohio, Nov. 30, 2004 -- The Goodyear Tire & Rubber Company announced today that it has entered into an agreement in principle to sell the company's 95 percent stake in Goodyear Sumatra Plantations (GSP) to Bridgestone Corporation of Japan. Terms of the pending sale were not disclosed.

Goodyear said its decision to sell its stake in GSP is consistent with its announced strategy to focus on core business activities, which include manufacturing and selling consumer and commercial tires as well as the production of synthetic rubber.

Goodyear is one of the largest users of natural rubber in the world and supports agricultural and economic initiatives that encourage its development. This transaction will not impact the ability of Goodyear to acquire natural rubber for its operations.

GSP, which began operations in 1917, is one of the largest natural rubber estates in North Sumatra, Indonesia. Its activities include the planting, growing, tapping and processing of natural rubber. GSP has approximately 5,000 employees.

The transaction will be completed after several approvals are obtained from the governmental bodies in Indonesia.