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Goodyear to receive $159 million in insurance settlement

The Goodyear Tire & Rubber Company has revealed that it will receive approximately $159 million from certain insurance companies as settlement for a lawsuit previously filed by the tire maker. The $159 million will be paid to the company in installments over the next 15 months.

While the specific terms of the December 28, 2004 settlement are confidential, it provides for the payments to Goodyear in exchange for releasing the insurers from certain past, present and future environmental claims.

The lawsuit, which Goodyear filed in 1993, sought to have the insurers honor their policies to pay the company’s liability and defense costs with regard to certain environmental claims.

Goodyear is the world’s largest tire company. Headquartered in Akron, Ohio, the company manufactures tires, engineered rubber products and chemicals in more than 80 facilities in 28 countries. It has marketing operations in almost every country around the world.