Goodyear expects $150m hit following Venezuelan devaluation

ERJ staff report (DS)

Akron, Ohio — Goodyear has responded to press speculation over the impact of the financial crisis in Venezuela on its business. Goodyear said it expects to record a charge of around $150 million in the first quarter of 2010 due to economic measures taken by the Venezuelan government.

Venezuela has suffered from hyper inflation, and has announced a two-tier currency exchange rate against the US dollar.

The official exchange rate has been devalued from 2.15 bolivar fuerte to each U.S. dollar to 4.30, except…

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