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New unit covers Europe, Mideast, Africa and will have $6.5 billion annual revenue
Published on Tuesday, Dec 11, 2007
Beacon Journal staff report
Goodyear Tire & Rubber Co. is combining two of its overseas business units to help take advantage of the markets created in new European Union nations.
Goodyear is putting together its European Union and Eastern Europe, Middle East and Africa divisions.
At $6.5 billion annually, the new unit will be the Akron-based company's second largest in terms of revenue after the North America tire division and its $9.1 billion annual sales.
The new Europe, Middle East and Africa division will be Goodyear's largest geographic territory and have about 25,000 employees out of a company total of 60,000.
Arthur de Bok, president of the European Union division, will head the larger unit. He will report to Goodyear Chairman and Chief Executive Officer Bob Keegan. De Bok joined Goodyear in 2005 after 13 years with Procter & Gamble.
Jarro Kaplan, president of the Eastern Europe, Middle East and Africa business unit, will retire after a 38-year career, the company said.
The division headquarters will be in Brussels, Belgium.
The new organization was designed to accelerate growth and maximize earnings through simplicity, speed and a focus on customers and markets, the company said.
The changes are effective as of Feb. 1. Many service functions, including legal, communications and purchasing, are already shared by the two regions, Goodyear spokesman Keith Price said.
Shares of Goodyear rose 12 cents to $28.56 Monday. Shares are up 36.1 percent since Jan. 1 and are up 61.2 percent from a year ago.
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