Goodyear gets OK for $1B trust

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.)

Join the Conversation!

To comment, the following rules must be followed:

  • No Obscenity, Profanity, Vulgarity, Racism or Violent Descriptions
  • No Negative Community Comparisons
  • No Fighting, Name-calling, or Personal Attacks
  • Multiple Accounts are Not Allowed
  • Stay on Story Topic

Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.

Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to Please provide detailed information.

powered by Disqus


6450 Papermill Drive Knoxville, TN 37919 Phone - (865) 450-8888; Fax - (865) 450-8869
Gray Television, Inc. - Copyright © 2014 WVLT-TV Inc. - Designed by Gray Digital Media - Powered by Clickability 27286494 -