BRUSSELS, Belgium (Dec. 14, 2004) — Goodyear said its Goodyear Dunlop Tires Europe BV affiliate has arranged new financing for five years.
The accounts receivable securitization facility will initially provide $219.5 million (165 million euro) but can be expanded to $365.8 million (275 million euro). The facility's term of five years is subject o customary annual renewal of back-up liquidity lines, Goodyear said. The new facility, which will be funded by year-end, replaces an existing $109.7 million (82.5 million euro) facility.
“This new facility provides cost-effective financing at a regional level and is consistent with the company's overall financing strategy,” said Richard Kramer, executive vice president and CFO.
The European affiliate is a joint venture between Goodyear and Japan's Sumitomo Rubber Industries Ltd.