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May 29, 2014
09:03 EDTGTGoodyear Tire reallocating $1.1B of its 2014-2016 cash flow
The updated capital allocation plan, which aims to increase shareholder value by providing approximately $650M in returns to investors includes: Allocating an additional $300M to growth capital expenditures to enable the company to build a new plant to serve its North American and Latin American consumer tire businesses and capitalize on the anticipated growth in high-value-added tire markets in the two regions. It also includes increasing the quarterly cash dividend on Goodyear's common stock by 20% to 6c per share from 5c per share beginning in September. The payout represents an annual rate of 22c per share for 2014 and 24c per share for 2015. The company plans to increase the share repurchase program by $350M to allow Goodyear to acquire up to $450M of its stock through 2016. Based on company performance, the shareholder return program can be increased up to an additional $250M, to a total of $900M. Goodyear Tire also plans on allocating an additional $400M towards debt reduction.
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October 1, 2015
16:37 EDTGTGoodyear Tire ends global alliance with Sumitomo Rubber Industries
Goodyear has dissolved its global alliance with Sumitomo Rubber Industries. The terms and conditions of the transaction are consistent with those outlined by Goodyear when the agreement was announced on June 4. The alliance, which was formed in 1999, primarily consisted of four joint venture operating companies, one each in North America and Europe, and two in Japan. Under terms of the agreement, Goodyear retains exclusive rights to sell Dunlop-brand tires in the replacement market and to non-Japanese auto manufacturers in the U.S., Canada and Mexico. Goodyear also retains exclusive rights to sell Dunlop-brand tires in replacement and original equipment markets in European countries where the former joint venture exclusively served the market. Additionally, Goodyear regains exclusive rights to serve Japanese markets with Goodyear-brand tires. The completion of the transaction will resolve the pending arbitration filed in January. The transaction does not impact the company's existing financial targets or capital allocation plan. The company will include the impact of the transaction in its full-year outlook beginning in February 2016.

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