Goodyear Tire & Rubber: The Akron, Ohio,...
Goodyear Tire & Rubber: The Akron, Ohio, tire manufacturer said second-quarter profit fell 44% to $118.2 million, largely due to a pretax loss of $43 million on the sale of its South African subsidiary. Sales totaled $2.8 billion, about the same as a year ago.
For the record:
12:00 a.m. July 28, 1989 FOR THE RECORD
Los Angeles Times Friday July 28, 1989 Home Edition Business Part 4 Page 2 Column 1 Financial Desk 2 inches; 67 words Type of Material: Correction
Goodyear Tire & Rubber of Akron, Ohio, reported a second-quarter profit of $27.1 million, compared to a $134.9-million profit in the same period a year ago. The company said its profit was affected by the sale of its South African subsidiary, which resulted in an after-tax charge of $52 million. Proceeds from this sale are expected to total $41 million when the sale is completed in the third quarter.
Some figures for these companies were misstated in Thursday’s earnings roundup.
