Goodyear Tire & Rubber Co. Stays In Ohio

Will continue its 108-year history in Akron

The Goodyear Tire & Rubber Co. announced on Dec. 5 that it will keep the companys world headquarters in Akron, Ohio.

"Im pleased to announce we have reached a tentative agreement that will allow Goodyear to continue its 108-year history with the City of Akron and the State of Ohio," said Bob Keegan, Goodyears chairman and chief executive officer. "These state-of-the-art facilities will reflect the new Goodyear -- a place of bold leadership and innovation -- and they will inspire future generations of Goodyear associates."

The tentative agreement between Goodyear and IRG calls for Goodyear to sell most of its Akron area property and facilities to IRG. And, IRG will construct a new world headquarters building, a new headquarters for the companys North American Tire business, and make improvements to the companys technical center and research facilities. Goodyear will lease the new buildings and the existing technical center from IRG.

The proposal timeline includes breaking ground for Goodyears new buildings in 2008 and moving into the new facilities in 2010.

"This project has been called the most ambitious development effort in the history of the City of Akron, and this announcement represents a tremendous and truly historic success," said Joe Gingo, Goodyears executive vice president and chief technical officer. "I cannot say enough about the positive spirit of cooperation between all the groups who helped make this vision a reality."

Separately, IRG has been working with the City of Akron, Summit County and the State of Ohio to create a multi-phase development of other parts of Goodyears property into a mixed use retail and commercial development to be called Akron Riverwalk.

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