AKRON (Sept. 16, 2002)—Goodyear has contributed 11.3 shares of its common stock to two of its domestic pension plans.
The shares were worth a total of $140.8 million, based on the Goodyear stock's closing price Sept. 13 of $12.46 per share, a company spokesman said.
Although the Akron-based tire maker wasn't obligated to make contributions to the pension plans this year, the infusion of shares addresses a chronic company problem with pension underfunding without affecting earnings per share, Goodyear said.
"This contribution benefits plan participants and the company," said Robert W. Tieken, Goodyear executive vice president and chief financial officer, in a press release.
Goodyear has no plans to contribute shares to any other of its pension plans this year, the spokesman said.