AKRON, Ohio – The board of directors for Goodyear Tire & Rubber Co. has approved a plan that, when finalized, will keep the company's world headquarters in Akron, Ohio.

The company announced the tentative agreement yesterday at a joint press conference with representatives from the Industrial Realty Group, the State of Ohio, the City of Akron and Summit County. The press conference was held at Goodyear's World Technical Center, adjacent to the proposed future site of its new headquarters building.

"I'm pleased to announce we have reached a tentative agreement that will allow Goodyear to continue its 108-year history with the City of Akron and the State of Ohio," said Bob Keegan, Goodyear's chairman and chief executive officer. "These state-of-the-art facilities will reflect the new Goodyear -- a place of bold leadership and innovation -- and they will inspire future generations of Goodyear associates."

The tentative agreement between Goodyear and IRG calls for Goodyear to sell most of its Akron area property and facilities to IRG. And, IRG will construct a new world headquarters building, a new headquarters for the company's North American Tire business, and make improvements to the company's technical center and research facilities. Goodyear will lease the new buildings and the existing technical center from IRG.

Now that Goodyear's Board of Directors has approved the proposal, Goodyear and the other key groups can begin work on finalizing the necessary details of the purchase and lease agreement which includes securing public funding and other due diligence issues.

The proposal timeline includes breaking ground for Goodyear's new buildings in 2008 and moving into the new facilities in 2010.