Goodyear Completes Sale of Indonesian Rubber Plantation

AKRON, Ohio, Aug. 9, 2005 -- The Goodyear Tire & Rubber Company has completed the previously announced sale of its stake in Goodyear Sumatra Plantations (GSP) to Bridgestone Corporation for approximately $62 million, subject to post-closing adjustments.

Goodyear said the decision to sell its 95 percent stake in GSP is consistent with its strategy to focus on core business activities.

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 is not expected to significantly impact the company's ability to acquire natural rubber for its operations.

GSP, which began operations in North Sumatra, Indonesia in 1917, has approximately 5,000 employees.

Goodyear recorded a non-cash after-tax charge of $15.6 million (8 cents per share) in the fourth quarter of 2004 in connection with the transaction due primarily to the write-off of cumulative foreign currency translation.

Goodyear is the world's largest tire company. Headquartered in Akron, Ohio, the company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries. It has marketing operations in almost every country around the world. Goodyear employs about 80,000 people worldwide.