UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 7.01. | Regulation FD Disclosure. |
On March 17, 2020, The Goodyear Tire & Rubber Company issued a news release announcing the temporary suspension of production in Europe due to the COVID-19 pandemic. The news release is attached hereto as Exhibit 99.1.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits |
| 99.1 | News Release, dated March 17, 2020 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| THE GOODYEAR TIRE & RUBBER COMPANY | ||||||
| Date: March 17, 2020 |
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/s/ Daniel T. Young | ||||
| Daniel T. Young | ||||||
| Secretary | ||||||
Exhibit 99.1
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News Release
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| Global Headquarters: 200 Innovation Way, Akron, Ohio 44316-0001 | Media Website: www.GoodyearNewsRoom.com |
| CONTACT:
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Troy Scully + 32 2 713 19 82 | |||
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FOR IMMEDIATE RELEASE
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COVID-19: Goodyear Temporarily Suspends European Production,
Optimizes Warehouse Operations
BRUSSELS, March 17, 2020 – In response to the rapid spread of the COVID-19 pandemic, to protect its employees and respond to the sudden decline in market demand, Goodyear’s Europe, Middle East and Africa (EMEA) business intends to temporarily close its European tire and retread plants in phases by the end of this week, until at least April 3 and until further notice.
This includes the company’s plants in France, Germany, Luxembourg, the Netherlands and Slovenia. It also includes the Dębica plant in Poland.
In order to maintain customer service, warehouses will remain operational on a reduced staffing schedule, with strong social distancing practices in place to protect the health and wellbeing of our employees and business partners, which remain Goodyear’s highest considerations.
These temporary measures will be implemented in full agreement with local social partners and in a way to allow prompt production startup when public health and market conditions improve.
Around the world, Goodyear has also implemented smart working and social distancing measures at its facilities to do its part as a global company to help slow the pandemic.
Goodyear continues to evaluate its production plans with respect to its North American operations and other operations around the world. The company continues to closely monitor and manage its inventory levels and supply of raw materials.
Goodyear is one of the world’s largest tire companies. It employs about 63,000 people and manufactures its products in 47 facilities in 21 countries around the world. Its two Innovation Centers in Akron, Ohio, and Colmar-Berg, Luxembourg, strive to develop state-of-the-art products and services that set the technology and performance standard for the industry. For more information about Goodyear and its products, go to www.goodyear.com/corporate. GT-FN
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Certain information contained in this press release constitutes forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. There are a variety of factors, many of which are beyond our control, that affect our operations, performance, business strategy and results and could cause our actual results and experience to differ materially from the assumptions, expectations and objectives expressed in any forward-looking statements. These factors include, but are not limited to: the impact on us of the COVID-19 pandemic, our ability to implement successfully our strategic initiatives; actions and initiatives taken by both current and potential competitors; increases in the prices paid for raw materials and energy; a labor strike, work stoppage or other similar event; foreign currency translation and transaction risks; deteriorating economic conditions or an inability to access capital markets; work stoppages, financial difficulties or supply disruptions at our suppliers or customers; the adequacy of our capital expenditures; our failure to comply with a material covenant in our debt obligations; potential adverse consequences of litigation involving the company; as well as the effects of more general factors such as changes in general market, economic or political conditions or in legislation, regulation or public policy. Additional factors are discussed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.
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