Goodyear Archives - Page 129 of 243 - Tyrepress

Founded in 1898 by Frank Seiberling, The Goodyear Tire & Rubber Company is an American multinational tyre manufacturing company based in Akron, Ohio. It is one of the oldest, biggest and best-known tyremakers in the world. Goodyear makes tyres for automobiles, commercial trucks, light trucks, motorcycles, SUVs, racing cars, aeroplanes, farm equipment and heavy earth-mover machinery. Find all the news and analysis you need relating to Goodyear here.

Posts

Goodyear Dunlop Partners Bandvulc Group for Logistic Service

Goodyear Dunlop is to distribute new Goodyear Max Technology and Dunlop tyres through Bandvulc Group in a move designed to increase efficient and improve delivery service to UK truck tyre dealers. According to the tyre manufacturer, the agreement means that Bandvulc Group, which specializes in truck tyre service solutions, will now be able to supply Goodyear and Dunlop truck tyres to independent dealers across the UK.

The partnership is intended to complement Goodyear Dunlop’s existing direct delivery logistics system, which is designed to supply large tyre dealers and the growing network of TruckForce partners across the UK by shipping volume orders of tyres directly from plants (such as Wittlich in Germany, Luxembourg and Wolverhampton) to customers.

29th May 2009/by Tyrepress Editors

Michelin India Project a Step Nearer to Realisation

Objections to Michelin’s Rs 40 billion (£530 million) greenfield factory project in Tamil Nadu, India have been overruled by the Madras High Court. On May 26 the court ruled against an environmentally based petition instigated by a local villagers’ association, stating that the need for employment and investment must take precedence.

27th May 2009/by Tyrepress Editors

Tyre Factory Closures ‘Should Support Price Discipline’

In the wake of Goodyear announced closure of its Amiens, France plant. Financial analysts have highlighted the ‘positive’ effect this will have on the tyre manufacturer’s “price discipline.” Amien has an annual capacity of approximately 6 million units, and its closure forms part of a Goodyear’s 15-25 million unit capacity reduction plan announced. When you factor in that the Amiens plant has between 800 and 1200 employees, the closure could result in cost savings of around $50 million, according to Deutsche Bank, with $700 million of gross cost savings expected this year.

Goodyear’s announcement follows a number of other capacity closures across Europe including: Continental closing its 8 million unit capacity PCR plant in Clairoix France; Pirelli closing its 4 million unit Maresa Spain factory, Michelin reducing its capacity in France, Italy and Spain by 14 million units. In the US capacity cuts have been even more stark with Cooper reducing capacity by 10 million units in Albany, GA; Michelin cutting 4 million units in Opelika; and Bridgestone eliminating 9 million units in Nashville. This all equates to around 40 million units of capacity reduction in the NAFTA region. And as a result of the supply demand balance, this is likely to “support price discipline” say the analysts.

27th May 2009/by Tyrepress Editors

Qatar: Q-Tire, Raha Offer 15% Discount

In Qatar Q-Tire and roadside recovery service Raha Auto Assistance have partnered to offer a 15 per cent discount on new tyres purchased at Q-Tire’s five Doha service centres. Q-Tire is the authorised representative and distributor in Qatar for Goodyear, Falken, Solideal, MRF, TVS Roadux, Double Coin & Primewell.

Ikram Hamdad, general manager of Raha, commented: “Q-Tire and Raha have a clear focus to improve the motoring experience for the motorists of Qatar. We agree there is a real need to educate drivers about tyre maintenance in order to increase vehicle safety and tyre performance, as well as to extend the life of the tyres.”

26th May 2009/by Tyrepress Editors

Reports: Goodyear India to Expand Annual Capacity to 4 million Tyres

Goodyear India is aiming to boost annual capacity by 15 per cent to 4 million tyres a year, according to various online news sources. The news follows the launch of the Goodyear DuraPlus in the country, a tyre aimed at small family hatchbacks that account for the largest segment in the Indian car market. Goodyear India reportedly wants to target the replacement market with the new tyre and is said to be negotiating car makers on the subject of OE for the new tyre.

In an interesting twist, the reports also states that Indian branch of the manufacturer will soon be offering run-flats imported from Goodyear’s manufacturing facilities in the US or Europe. According to the reports, these tyres retail at more than 10,000 rupees (£132) each in India.

26th May 2009/by Tyrepress Editors

Michelin and Goodyear Top JD Power Survey

Michelin and Goodyear have topped the most recent JD Power (OE) tyre satisfaction survey in three segments, while Goodyear won in one segment. Michelin ranked highest in the luxury, passenger car and truck/utility segments, while Goodyear topped the performance sport segment. Within each of the four segments (luxury, passenger car, performance sport, and truck/utility) four factors are examined to measure tire owner satisfaction: wearability, appearance, traction/handling, and ride. Rankings are based on owners’ experiences with their tyres after two years of ownership.

In the passenger car and luxury segments, Michelin performed particularly well in the wearability and appearance factors. In the truck/utility segment, Michelin performs particularly well in the tyre wearability factor. Goodyear ranked highest in the performance sport segment. While the tyre manufacturer performed well in traction and handling, according to the survery, Goodyear differentiates itself in the area of tyre wearability.

18th May 2009/by Tyrepress Editors

Financing Deal on New Goodyear HQ Agreed

On Monday Akron and Summit County authorities in Ohio signed off on a new financing deal for the Goodyear Riverwalk project. The financing is a major step towards an estimated $900 million project that includes a new global headquarters for Goodyear Tire & Rubber Co., retail and office space and a hotel in East Akron. National City Bank has agreed to buy $17.2 million worth of bonds issued by the Summit County Port Authority and backed by the county and city, thus kick-starting the plans. The project was unveiled in late 2007, and was a major factor in keeping Goodyear and its 2,900 jobs in Akron.

12th May 2009/by Tyrepress Editors

Goodyear Dunlop to Consult Over ‘Defined Contribution’ Pension Scheme

Goodyear Dunlop Tyres UK Limited is to consult with pension trustees, trade unions and employee representatives over the introduction of a new Defined Contribution (DC) Pension scheme. According to a company statement, the proposed scheme would replace both the company’s ‘Hybrid Scheme’ (combined Defined Benefit final salary and Defined Contribution) and ‘New Hire’ DC scheme. Approximately 850 employees are in the Hybrid scheme and 70 in the ‘New Hire’ scheme.

The consultation will be on the proposed replacement of the current schemes with a new enhanced defined contribution programme. Those who are currently paying into the Defined Benefit (DB) scheme will have their accrued benefits deferred, and the company are proposing the introduction of a new DC scheme for future service to add to the members’ existing benefits.

11th May 2009/by Tyrepress Editors

Purcell Buys Goodyear OTR Retread Business

In the USA, Goodyear Tire & Rubber is exiting the OTR tyre retreading business, selling the assets of its operation to Purcell Tire & Rubber. Purcell plans to move the operations and equipment – located Salisbury, North Carolina, and Winona, Minnesota – to its Potosi, Missouri base. Purcell already has five retread plants in the western US and some 60 retrail and commercial tyre centers.

“This should be a shot in the arm for our Missouri operations,” Purcell executive president Keith Butcher told the St Louis Business Journal. Goodyear will continue to operate its commercial truck tyre retreading operations. (Tire Review/Akron)

11th May 2009/by Tyrepress Editors

Goodyear Seals US Military Tyre Supply Status

Goodyear has been supplying US military vehicles’ rubber for a century, and that trend looks as though it will march on, as the company announced that it has won the approval of BAE Tactical Vehicle Systems as the standard tyre supplier for a widely used military transport vehicle.

BAE, based in Sealy, Texas, has selected the Goodyear 395/85R20 MV/T tyre as the exclusive fitment for the company’s FMTV (Family of Medium Tactical Vehicles), the US Army’s vehicle of choice in the 2.5- to 10-tonne capacity. The contract calls for supply of approximately 100,000 tyres to be delivered through 2010. Goodyear manufactures the tyres at its Danville, Virginia factory.

11th May 2009/by Tyrepress Editors

Goodyear ‘Poised for Significant Earnings Improvement’

Goodyear Tire & Rubber Company reported first quarter 2009 sales of $3.5 billion, down from record sales of $4.9 billion in first quarter of 2008. However, Goodyear only reported net losses of $333 million, compared with Goodyear net income of $147 million (60 cents per share) in the 2008 quarter. While obviously significant the losses certainly weren’t as bad as they could have been for two reasons. Firstly, they were, according to financial news sources, ahead of mainstream analysts’ opinions; and secondly because the total losses are roughly equal to the increases in raw material costs the company experienced in the first quarter ($332 million, up 31 per cent). The explanation for greatly reduced turnover was said to be the tyre market’s sharply reduced demand at the start of 2009, however as various sources are predicting that the US market has bottomed-out and raw material prices are believed to have stabilised, Goodyear could be in for a better second half of 2009.

This view is certainly supported by Deutsche Bank analysts who sent out an investor’s note along these lines a week after Goodyear’s results were published. Despite reporting losses of $333 million in the first quarter of 2009 Deustche Bank analysts predict a short to medium term improvement in Goodyear’s financial performance: “Subtracting $1.38 billion (around $36 a tyre) of raw material costs from Goodyear’s first quarter 2009 results, and $1.33 billion ($28 per tyre) of raw materials from Goodyear’s first quarter 2008 results, we noted that GT’s non-raw material costs of goods sold declined to $1.6 billion from $2.2 billion.”

8th May 2009/by Tyrepress Editors

Goodyear Announces Proposed Senior Note Offering

On May 5 Goodyear Tire & Rubber gave word of its intention to initiate a public offering of 7-year senior notes to the aggregate principal amount of approximately US$500 million, subject to market and other customary conditions. The notes, adds Goodyear, will be senior unsecured obligations of the company.

The company reports it intends to use the net proceeds from this offering, together with current cash and cash equivalents and unused availability under its credit facilities, for general corporate purposes, which will include the repayment on or prior to maturity of $500 million in aggregate principal amount of its senior floating rate notes due December 1, 2009. Joint book-running managers for the offering will be J.P. Morgan Securities Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Goldman, Sachs & Co.

6th May 2009/by Tyrepress Editors

Goodyear Adds to US Commercial Tyre Range

Two new truck tyres are extending Goodyear’s US market range. These latest products, which the manufacturer is introducing to address the needs of multiple applications that range from city delivery to emergency vehicles and buses plus longer regional runs, are said to offer a deeper tread depth, enhanced tread designs and compounds in order to maximise tyre life in both urban and regional driving conditions.

“The local haul and regional segments are diverse and about as tough as it gets when it comes to wear on commercial tyres,” said Donn Kramer, Goodyear’s director of marketing for commercial tyres. “With the amount of scrubbing and curb damage the tyres undergo, fleets need tyres that are robust and able to provide a low cost-per-mile through multiple retreads. We’re excited to bring to market major advancements in tyre technology with the Goodyear G661 HSA and G662 RSA with Fuel Max Technology.”

6th May 2009/by Tyrepress Editors

Resolution Found in Michelin Thailand Dispute

The International Federation of Chemical, Energy, Mine and General Workers’ Unions (ICEM) reports that the two-month dispute between Michelin in Thailand and rubber workers backed by ICEM affiliate Petroleum and Chemical Workers’ Federation (PCFT) has come to an end. The disagreement, which involved the company’s factory in Laem Chabang, Chonburi Province, was resolved by tripartite dialogue and, says the ICEM, its “strong intervention”, along with that of French union FCE-CFDT and Michelin’s European Works Council.

5th May 2009/by Tyrepress Editors

Chinese Retreading Volumes to Grow 30% This Year – CRI

International News, Retreading

According to Shanghai based research company China Research and Intelligence (CRI), increased vehicle numbers are causing scrap tyre levels in China to grow at a rate of 10 to 20 per cent per annum. Last year, CRI reports, more than 200 million tyres in China reached the end of their useful lifespan, yet only 11.5 million were retreaded.

5th May 2009/by Tyrepress Editors