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Goodyear seeks up to $1 billion in savings

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"Our objective is to achieve cost reductions totaling between $750 million and $1 billion by 2008," says Goodyear Tire & Rubber Co. Chairman and CEO Bob Keegan.

That amount will include $150 million to $200 million in selling, administrative and general expense costs.

Keegan made the statement as part of Goodyear's announcement that it will eliminate more than 150 jobs in its European Union operation in order to save more than $10 million.

"We are intensely focused on reducing the company's global cost structure," he says.

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