Goodyear: 'We will continue to attack high-cost factories'

Jan. 11, 2007

Goodyear Tire & Rubber Co. is targeting more than $1 billion in gross cost savings by 2008 and reducing high-cost production will be part of that process, Richard Kramer, the company's executive vice president and chief financial officer, told analysts earlier today, Jan. 11, during a conference at the 2007 North American International Auto Show.

Goodyear is aiming for an 8% to 12% reduction in its high-cost manufacturing footprint, said Kramer.

The Akron, Ohio-based company also plans to source some $800 million in products from Asia, including tires, raw materials and indirect purchases. "There are more opportunities there than we banked on."