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Tiremaker restates results, reduces profit

Monday, April 12, 2004 | 9:04 a.m.

AKRON, Ohio -- Goodyear Tire & Rubber Co. today said improper accounting, workers' compensation claims and product-liability costs will force the company to reduce earnings by a total of $65 million between 1997 and 2003.

Goodyear, the largest North American tiremaker, said an internal accounting investigation in Europe and other unspecified regions found unreported costs of about $10 million for the seven years. The workers' claims, product-liability costs and other items cut profit about $55 million, the company said.

The restatement will raise to $150 million the amount by which Goodyear has reduced past earnings.

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