AKRON, Ohio (AP) -- Goodyear Tire & Rubber Co. says it has received a judge's permission to make a $1 billion contribution into a health care trust fund for retirees.
Akron-based Goodyear agreed to creation of the Voluntary Employees' Beneficiary Association trust in a deal ending a nearly three-month United Steelworkers strike that began in October 2006. Goodyear has been waiting to fund the trust until U.S. District Court Judge John Adams completed a review and gave approval. The judge approved it on Friday.
Goodyear's obligations for providing health care for union-covered retirees will be transferred to the trust. The company's one-time contribution will be made from existing cash reserves and available credit lines.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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