Goodyear to receive $159 million in insurance settlement
While the specific terms of the December 28, 2004 settlement are confidential, it provides for the payments to Goodyear in exchange for releasing the insurers from certain past, present and future environmental claims. The lawsuit, which Goodyear filed in 1993, sought to have the insurers honor their policies to pay the company's liability and defense costs with regard to certain environmental claims. Goodyear is the world's largest tire company. Headquartered in Akron, Ohio, the company manufactures tires, engineered rubber products and chemicals in more than 80 facilities in 28 countries. It has marketing operations in almost every country around the world.