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Goodyear needs to reduce costs, says Keegan

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Goodyear Tire & Rubber Co. CEO Bob Keegan says the company needs to reduce costs this year following a "challenging" 2002.

In Goodyear's monthly company update to its employees, Keegan revealed the company is looking at every option to reduce costs, including low-cost product sourcing, further manufacturing rationalizations and staff reductions. There was nothing in the broadcast e-mail that implied any changes were imminent.

Goodyear's per-share stock price closed at $7.27 yesterday. Its 52-week high and low are $28.85 and $6.50, respectively.

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