AKRON (Sept. 16)—Goodyear has contributed 11.3 million shares of its common stock to two of its domestic pension plans. The shares were worth a total of $140.8 million, based on the Goodyear stock's closing price Sept. 13 of $12.46 per share, a company spokesman said. Although the Akron-based tire maker wasn't obligated to make contributions to the pension plans this year, the infusion of shares addresses a chronic company problem with pension underfunding without affecting earnings per share, according to the company. "This contribution benefits plan participants and the company," Robert W. Tieken, Goodyear executive vice president and chief financial officer, said in a news release. Goodyear has no plans to contribute shares to any other of its pension plans this year, the spokesman said.
Goodyear contributes 11.3 million shares to two pension plans
Rubber & Plastics News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].