From Tire Review

AKRON, OH -- Goodyear plans to accelerate its cost-cutting efforts and expand its operations in China, said Chairman and CEO Bob Keegan in his address during the company’s annual meeting held earlier this week.

"The market is presenting Goodyear with significant opportunities in 2007 and beyond. We plan to aggressively capitalize on those opportunities,” Keegan said.

Toward that end, Keegan said the company is re-evaluating its plans to cut some $1 billion in cost by the end of next year and plans to set a more aggressive target.

In addition to trimming costs, Keegan suggested Goodyear will press ahead to increase tire production in China over the next two years. At the same time, the company will continue to evaluate existing production facilities with an eye toward reducing high-cost capacity.

In the last six months, Goodyear has announced plans to close tire plants in New Zealand, Morocco, the U.K. and Quebec. Its Tyler, TX, plant will be closed by the end of this year.

"While there are still plenty of challenges ahead, we now have a proven track record and much stronger business platforms than when our journey began four years ago,” Keegan said.