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Goodyear Focused on Growth and Profitability

10 April 2000

Goodyear Focused on Growth and Profitability, Chairman Sees Encouraging Early Indicators

    AKRON, Ohio, April 10 Goodyear, the world's largest
tiremaker, is focusing on an aggressive strategy for profitable growth and a
turnaround in financial performance in 2000, the company's top executive told
its shareholders today.
    This turnaround has already begun, according to Samir G. Gibara, the
company's chairman, CEO and president.  "Early indicators show encouraging
signs that our strategy is working," he said.
    "As we move through the second quarter and the rest of 2000, we must
continue to push forward on the execution of our plans and focus as never
before on delivering the growth and profitability this global company is
capable of and that you, our shareholders, expect," Gibara said at the
company's annual shareholders meeting.
    Much of this growth, he said, will come from the more-profitable
replacement tire market rather than sales to automakers.  "Going downstream
and getting closer to the final user of our products is where the future of
this company lies."
    During 2000, he said Goodyear's business plans call for: concentrating on
sales growth in existing businesses, enhancing product and service quality,
solidifying customer relationships, completing the Dunlop integration,
upgrading its global operations and increasing productivity -- all with the
objective of substantially improving financial performance.
    "To be the low-cost producer, we must utilize global product sourcing to
reduce unit costs and improve our margins."
    Goodyear, he said, will capitalize on its global leadership position to
introduce new products, expand distribution, rationalize production, improve
productivity and increase prices. The tiremaker has been aggressive in
increasing prices this year to offset fast-rising raw material costs.  "Our
objective is to protect our margins by staying ahead of the material cost
increase curve," Gibara added.
    "Topping the 'to do' list on our corporate strategies action plan for 2000
is the continued integration of Sumitomo/Dunlop," he said. "So far, the
anticipated savings are on target and synergies are slightly ahead of
schedule.  During 2000, we expect to capture $116 million, up from our
original target of $110 million.  These synergies will come from purchasing
and manufacturing, primarily in Europe."
    As always, the global economy will impact Goodyear's 2000 results,
according to Gibara. The company's outlook for the coming year includes
"strong but slowing U.S. growth, improving fundamentals in Europe, progressive
improvement in Latin America, the recovery in Asia gaining hold and the
commodity and agricultural businesses remaining under pressure."
    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 27 countries.  It has marketing operations in
almost every country around the world.  Goodyear, with the addition of its
Dunlop tire joint ventures, employs more than 105,000 people worldwide.
    (This news release contains certain forward-looking statements based on
current expectations and assumptions that are subject to risks and
uncertainties that could cause actual results to differ materially from those
expressed by such statements.  These risks and uncertainties include price and
product competition, customer demand for the company's products, the ability
to control costs and expenses, general industry and market conditions and
general domestic and international economic conditions, including interest
rate and currency fluctuations.  The company disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.)