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Goodyear announces new financing in Europe

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Goodyear Tire & Rubber Co.´s Goodyear Dunlop Tires Europe BV affiliate has arranged a new pan-European accounts receivable securitization facility.

The facility initially will provide 165 million Euro of funding, but has the ability to be expanded to 275 million Euro. The facility has a term of five years, but will be subject to customary annual renewal of back-up liquidity lines.

The new facility, which is expected to be funded by the end of the year, will replace an existing 82.5 million Euro facility.

"This new facility provides cost-effective financing at a regional level and is consistent with the company´s overall financing strategy," says Richard Kramer, Goodyear´s executive vice president and chief financial officer.

Goodyear Dunlop Tires Europe, a joint venture between Goodyear and Japan´s Sumitomo Rubber Industries Ltd., is Europe´s second largest tiremaker.

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