13 Apr 2004
From Rubber & Plastics News
Akron, Ohio-Goodyear has completed an investigation into its overseas accounting operation and likely will record a reduction of about $10 million in net income for the results posted between 1997 and 2003.
Most of the reduction involves the firm's European Union business, the company said. Goodyear now plans to file its 2003 10-K report and its amended 2002 10-K by mid-May.
The accounting probe was launched in early December, and on March 9 the company said it was taking disciplinary actions against several managers in its European Union operation.
Because the tyre maker will not file its annual report by 19 April, as required in its loan agreements, Goodyear is in discussions with lenders to extend its filing deadline by 30 days. In the absence of an extension, the company would not be able to access the funds.
Subscribe for unlimited access. A subscription to European Rubber Journal includes:
Already a subscriber? Log in here
