Goodyear Closes Sale of Global Tire Fabric Operations

Goodyear Closes Sale of Global Tire Fabric Operations

April 12, 2007

    AKRON, Ohio, Dec. 29 /PRNewswire-FirstCall/ -- The
Goodyear Tire &
Rubber Company (NYSE: GT) has closed on the previously
announced sale of
its tire fabric operations to Hyosung Corporation, pending
post-closing
adjustments and completion of the sale of its Americana,
Brazil, operation.

    (logo:
http://211.154.41.99:9080/xprn/sa/200612301036.jpg )

    As part of this global transaction, Goodyear plans to
complete the
previously announced sale of its Brazil operation to
Hyosung in the first
quarter of 2007, pending government and regulatory
approvals. This portion
of the transaction represents less than 5 percent of the
sale price.

    Goodyear said the decision to sell the operations,
which produce and
treat fabric that is used in tires, is part of the
company's strategy to
focus activity and investment in its core consumer and
commercial tire
businesses.

    In addition, the companies have signed a multi-year
supply agreement.
Goodyear said it believes that the supply agreement could
provide it with
significant cost savings and improved cash flow.

    "We thank our fabric associates for their many
important contributions
to Goodyear over the decades," said Robert J. Keegan,
Goodyear chairman and
chief executive officer. "We look forward to a long
and rewarding
relationship with Hyosung."

    Goodyear's global tire fabric operation includes plants
in Americana,
Brazil; Colmar-Berg, Luxembourg; Decatur, Alabama, and
Utica, New York. It
has approximately 1,000 employees.

    Hyosung, headquartered in Seoul, South Korea, is one of
Korea's largest
industrial conglomerates, with multiple businesses in
textiles, industrial
materials, chemicals, power and industrial systems,
construction, IT and
trading. Hyosung Tire Reinforcements has produced tire cord
since 1968 and
operates globally including North America, Korea and
China.

    Goodyear is one of the world's largest tire companies.
The company
manufactures tires, engineered rubber products and
chemicals in more than
100 facilities in 29 countries around the world. Goodyear
employs about
80,000 people worldwide.

    Certain information contained in this press release may
constitute
forward-looking statements for purposes of the safe harbor
provisions of
The Private Securities Litigation Reform Act of 1995.
Actual results may
differ materially from those indicated by such
forward-looking statements
as a result of various factors. There are a variety of
additional factors,
many of which are beyond the company's control, which
affect its
operations, performance, business strategy and results and
could cause its
actual results and experience to differ materially from the
expectations
and objectives expressed in any forward-looking statements.
These factors
include, but are not limited to, actions and initiatives
taken by both
current and potential competitors, increases in the prices
paid for raw
materials and energy, the company's ability to realize
anticipated savings
and operational benefits from its cost reduction
initiatives, potential
adverse consequences of litigation involving the company
and pension plan
funding obligations, as well as the effects of more general
factors such as
changes in general market or economic conditions or in
legislation,
regulation or public policy. Additional factors are
discussed in the
company's filings with the Securities and Exchange
Commission, including
the company's annual reports on Form 10-K, quarterly
reports on Form 10-Q
and current reports on Form 8-K. In addition, any
forward-looking
statements represent our estimates only as of today and
should not be
relied upon as representing our estimates as of any
subsequent date. While
we may elect to update forward-looking statements at some
point in the
future, we specifically disclaim any obligation to do so,
even if our
estimates change.