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Goodyear Jamaica Ltd. (GYR)- Fire Damages Company Offices

On January 12, 2007, Goodyear Jamaica Limited experienced a fire at its 230 Spanish Town Road, Kingston 11 location.  The administrative offices of Goodyear Jamaica Limited were damaged by the fire and by the water used to extinguish it.  The tyre warehouse and its contents, which were managed and operated by Tyre Sales Limited, housed the majority of tyre inventory for Goodyear Jamaica Limited.  The warehouse facility is leased by Tyre Sales Limited.  The fire disrupted tyre shipments to customers for approximately one week.

Additional details include:

The fire destroyed a large percentage of the tyre inventory.  However, several containers of tyres were already at the Kingston wharf and in transit prior to the incident.

Additionally, due to significant forward-buying from tyre dealers in advance of price increase, customer inventories were higher than average on January 12.

Goodyear Tyre & Rubber Company, guided by action steps that are defined in its business continuity plan, initiated shipments of tyres from around the world to mitigate major supply problems with customers.

Although Goodyear Jamaica Limited’s administrative offices were impaired, all files, including customer, vendor and employee files, were unaffected by the fire.  In addition, all of Goodyear Jamaica Limited’s financial data was fully retained.

On Monday, January 15, Goodyear Jamaica Limited temporarily relocated its administrative offices from 230 to 248 Spanish Town Road.

Customer Shipments resumed on Friday, January 19.  The management team of Goodyear Jamaica Limited does not expect this incident to negatively impact their strategic and performance objectives for 2007.