Goodyear announces new financing in Europe
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.