November 5, 1986
Goodyear Tire & Rubber said it was contacting potential buyers for its Celeron Corp. subsidiary. The company said it was taking the action in response to a takeover threat from Anglo-French financier Sir James Goldsmith. Analysts estimate that the oil and gas assets might fetch up to $1.7 billion.
January 20, 1987
Akron, Ohio-based Goodyear Tire & Rubber Co.'s restructuring by selling assets to thwart a takeover attempt may result in the firm's having a slightly better-looking balance sheet than expected, a spokesman said. Chairman and Chief Executive Robert E. Mercer said the company hoped to raise $3 billion from the sale of assets. Goodyear so far has only agreements to sell $1 billion worth of assets, consisting of farm and resort property near Phoenix and its Aerospace and Motor Wheel subsidiaries.
November 12, 1987
Robert W. Milk, an executive vice president of Goodyear Tire & Rubber Co., has been named president and chief executive of the company's Celeron Corp. subsidiary. The company said Carl S. Quinn will continue as chairman of Celeron until he takes early retirement Jan. 1. He has served as chairman and chief executive of Celeron since October, 1986.
March 24, 1998 |
Independent energy producer Plains Resources Inc. of Houston agreed Monday to buy Goodyear Tire & Rubber Co.'s oil pipeline unit for $420 million in cash, boosting its ability to move oil from California to its trading operations in Oklahoma. Plains said it will buy Goodyear's All American Pipeline System, a 1,233-mile pipeline that connects oil fields in California with West Texas, as well as Goodyear's Celeron Gathering Corp. and Celeron Trading & Transportation Co. units.
March 9, 1988 |
Exxon Corp., watched by Wall Street for signs of what it will do with its huge cash hoard, said Tuesday that it may spend more in 1988 on oil and gas acquisitions than the $1.8 billion it spent last year. But top executives of the world's largest oil company, which reported just over $3 billion in cash and marketable securities in its most recent quarter, said few businesses interested them at the moment. "We could afford to buy anything but it has to fit. . . .
November 7, 1986 |
Goodyear Tire & Rubber stepped up its restructuring effort Thursday, saying that it plans to repurchase as much as 18.3% of its stock. The company also said it might divest its aerospace and motor-wheel subsidiaries, and it already has said it plans to sell its Celeron Corp. energy unit. Goodyear launched the restructuring last week after a group led by Anglo-French financier Sir James Goldsmith announced that it owned 11.