Goodyear notes pension fund concerns

ERJ staff report (DS)

Akron, Ohio -- Goodyear has said it intends to make large contributions to its pension fund. The company said in an SEC filing, "Our pension plans are significantly underfunded"

The company continued, "The unfunded amount of the projected benefit obligation for our U.S. and non-U.S. pension plans was $1,931 million and $784 million, respectively, at December 31, 2009, and we currently estimate that we will be required to make contributions to our funded U.S. pension plans of approximately $200 million to $225 million in 2010, and $400 million to $450 million in 2011."

The company further said, "If our cash flow and capital resources are insufficient to fund our ... required pension contributions, we may be forced to reduce or delay expansion plans and capital expenditures, sell material assets or operations, obtain additional capital or restructure our debt."

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SEC filing from Goodyear (serch on 'Pension')