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Goodyear Tire & Rubber Company's annual meeting update
Goodyear lost money, but did well. That's how the tire-making giant's CEO sees the company's performance in 2010. WKSU's Tim Rudell reports on Goodyear Tire & Rubber Company
by WKSU's TIM RUDELL


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After shareholders approved compensation plans for the top executives, Chief Executive Richard Kramer—who made $8.5 million last year—talked about how and where things are going.   He says despite “the great recession,” Goodyear made money in all operating units in 2010-about $900 million combined.  And it would have just about broken even were it not for a one-time charge of more than $200 million for declines the value of assets. Kramer says the company out- performed other tire makers because it was out in front with new products. He wants to keep it that way…

“We know for a fact they are chasing us.  And I’ll commit to you that we’ll continue to stay on the front foot and drive innovations that distinguish Goodyear from its competition.”

Kramer says Goodyear will spend a billion dollars in 2011 on capital investments.  Goodyear has 7,200 workers. It did more than $18 billion in business in last year up more than 10 percent over 2009 and remains one of the world’s largest tire manufacturers.

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