Goodyear to Receive $159 Million in Insurance Settlement

AKRON, Ohio, Jan. 3, 2005 -- The Goodyear Tire & Rubber Company announced today that it will receive approximately $159 million from certain insurance companies as settlement for a lawsuit previously filed by the tiremaker. The $159 million will be paid to the company in installments over the next 15 months.

While the specific terms of the December 28, 2004 settlement are confidential, it provides for the payments to Goodyear in exchange for the company's releasing the insurers from certain past, present and future environmental claims. Goodyear filed a Current Report on Form 8-K with the U.S. Securities and Exchange Commission today regarding this settlement.

The lawsuit, which Goodyear filed in 1993, sought to have the insurers honor their policies to pay the company's liability and defense costs in regard to certain environmental claims.

Goodyear is the world's largest tire company. Headquartered in Akron, Ohio, the company manufactures tires, engineered rubber products and chemicals in more than 80 facilities in 28 countries. It has marketing operations in almost every country around the world. Goodyear employs about 85,000 people worldwide.