The Goodyear Tire & Rubber Co. has contributed 11.3 million shares of its common stock to two of its domestic pension plans.
According to the company, the Goodyear Direct Retirement (GDR) Trust holds the assets of these pension plans.
"Although Goodyear has no retirement to fund these pension funds in 2002, this contribution benefits plan participants and the company," says Robert Tieken, executive vice president and CFO. "The contribution reduces pension expense with no material impact on earnings per share expected through 2003."
Goodyear also has entered into a "registration rights agreement" with The Northern Trust Co., the trustee and investment advisor to the GDR Trust, with respect to an aggregate of 15.6 million shares contributed to the plans by Goodyear.
Goodyear's stock price closed at $12.46 on Sept. 13.
