Firestone Liberia Invests In Rubber Wood ProductionOperation to create 500 new jobs

HARBEL, Liberia, West Africa (March 3, 2008) – Firestone Liberia has announced the opening of the first phase of its operation to process rubber wood. The air-dried rubber wood is a value-added, ecologically sustainable product of its natural rubber operations in Liberia and will create 500 new jobs in the country.

“In 2005, Firestone started an aggressive replanting effort to rehabilitate our rubber tree farming operations following 14 years of civil war which prevented any replanting,” said Dan Adomitis, President, Firestone Natural Rubber Company. “Replanting up to 5,000 acres a year means we have a lot of old trees to clear. While we wait for the new trees to reach maturity [around 7 years], we’re excited to be developing a new business for Liberia and providing new jobs.”

Rubber trees will be processed after they reach the end of their lifecycle for producing latex, which is typically around 30 years. The old trees will be cut down and transported to the rubber wood mill. At the mill, the trees will be cut to size, pressure-treated and dried to desired moisture content. The resulting product is an ecologically friendly, durable hardwood that is often used in furniture and flooring throughout the world.

Rubber wood processing required a significant investment by the company in a new plant facility and equipment. The company plans to complete work on its rubber wood factory, located in Division 16, and expand production into veneered and kiln-dried rubber wood later this year. It is expected that production will expand in the coming years, and this will result in additional jobs being created.