AKRON, OH -- The Goodyear Tire & Rubber Co. announced yesterday it plans to restructure its European Union business unit, a move that is expected to eliminate more than 150 positions and create annual savings in selling, administrative and general expenses in excess of $10 million.

"Concurrent with efforts to grow our top line through innovative new products and marketing, we are intensely focused on reducing the company's global cost structure," said Goodyear Chairman and Chief Executive Officer Robert Keegan. "Our objective is to achieve cost reductions totaling between $750 million and $1 billion by 2008, including $150 million to $200 million in SAG costs."

These cost reduction actions in selling, administrative and logistic areas that are expected to result in total restructuring charges of approximately $20 million ($15 million after tax), all cash-related.

For more information on Goodyear, go to: www.goodyear.com

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