The Akron, Ohio, tire maker said on Tuesday that due to chaotic economies in Europe and Latin America, sales growth will be lower than expected previously. Goodyear now expects a sale figure of about 180 million tires for the year, signifying that it will be flat as compared to 2011. The company has already made suitable adjustments to its production schedule for the current quarter. 

 

Goodyear also said that it is cooperating with the US Justice Department and the Securities and Exchange Commission regarding possible improper payments made to them that were reported earlier by the company. At the New York Stock Exchange trading on Tuesday, Goodyear stock fell 5 percent to $13.25 at 4 p.m. The company’s shares have plunged more than 9 percent since the beginning of the year. Goodyear is aiming to achieve an operating income of $1.6 billion in 2013 after deriving $450 million from its North America operations. It plans to make capital investments worth $1.3 billion over the next two years.