Goodyear Announces Proposed Offering of Senior Notes

August 10, 2010

 AKRON, Ohio, August 10, 2010 – The Goodyear Tire & Rubber Company today announced that it has commenced a public offering of $750 million aggregate principal amount of 10-year senior notes, subject to market and other customary conditions. The notes will be senior unsecured obligations of the company.

Goodyear intends to use the net proceeds from this offering, together with its current cash and cash equivalents and unused availability under its credit facilities, to redeem $325 million in principal amount of 8.625% senior notes due 2011 and approximately $388 million in principal amount of 7.857% notes due 2011. Goodyear intends to use any remaining net proceeds for general corporate purposes, which may include the repayment of other outstanding indebtedness.

Deutsche Bank Securities Inc., Barclays Capital Inc. and Morgan Stanley & Co. Incorporated will be joint book-running managers for the offering.

The offering will be made under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission. Copies of the prospectus and the prospectus supplement relating to the offering may be obtained from:

            Deutsche Bank Securities Inc.                      Barclays Capital Inc.
            c/o ADP Prospectus Services                        c/o Broadridge Financial Solutions
            1155 Long Island Ave.                                    1155 Long Island Ave.
            Edgewood, NY 11747                                     Edgewood, NY 11717
            telephone: 800-503-4611                               telephone: 888-603-5847
            email: prospectus.cpdg@db.com                email: barclaysprospectus@broadridge.com

            Morgan Stanley & Co. Incorporated             The Goodyear Tire & Rubber Company
            Prospectus Department                                 Investor Relations Department 
            180 Varick St.                                                    1144 E. Market St. 
            New York, NY 10014                                       Akron, OH 44316
            telephone: 866-718-1649                              telephone: 330-796-3751
            email: prospectus@morganstanley.com  
 

This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Goodyear is one of the world’s largest tire companies. It employs approximately 70,000 people and manufactures its products in 57 facilities in 23 countries around the world.

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. There are a variety of factors, many of which are beyond our control, that affect our operations, performance, business strategy and results and could cause our actual results and experience to differ materially from the assumptions, expectations and objectives expressed in any forward-looking statements. These factors include, but are not limited to: our ability to realize anticipated savings and operational benefits from our cost reduction initiatives or to implement successfully other strategic initiatives; increases in the prices paid for raw materials and energy; actions and initiatives taken by both current and potential competitors; deteriorating economic conditions or an inability to access capital markets; pension plan funding obligations; work stoppages, financial difficulties or supply disruptions at our suppliers or customers; a labor strike, work stoppage or other similar event; our failure to comply with a material covenant in our debt obligations; the adequacy of our capital expenditures; potential adverse consequences of litigation involving the company; as well as the effects of more general factors such as changes in general market, economic or political conditions or in legislation, regulation or public policy. Additional factors are discussed in our filings with the Securities and Exchange Commission, including our annual report 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.

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