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.
Goodyear has announced that it is anticipating that the company’s OPEB/pension costs will be reduced by US$80-90 million in 2007 and $100-110 million in 2008 following making changes to the benefits the company’s salaried staff are entitled to.
German tyre and automotive systems major Continental AG has said they would prefer to deal in cash during the potential takeover of Siemens AG’s VDO unit or Goodyear Tire and Rubber Co’s engineered products division, according to the company’s chief financial officer Allan Hippe.
Goodyear Dunlop Tires North America Ltd. has reached a US$1.75 million settlement with the families of two teenagers killed in an accident seven years ago. The family of the teenagers allege that the collision than took place in Roanoke County, Virginia, was the responsibility of the tyremaker.
(Akron/Tire Review) Goodyear Tire & Rubber Co.’s Engineered Products division has introduced a new “self-healing” ATV drive belt that contains carbon fibre. The drive belt – called Goodyear Gatorback Sport – is the first continuously variable transmission (CVT) belt with carbon-fiber reinforcement in its body construction, according to Loren Danhauer, chief belt engineer for the Goodyear unit.
(Akron/Tire Review – AFX) German auto parts supplier Continental AG said it expects to reach a decision soon on whether or not to pursue a purchase of Goodyear’s Engineered Products division.
Gerhard Lerch, Continental board member, made the announcement, and said that negotiations have progressed and that a decision is expected this quarter.
Goodyear said it was considering selling the division two years ago.
For the second quarter in a row Continental AG, has not shown any earnings growth. Deutsche Bank analysts have observed that even if EBIT was 5 per cent above consensus in the fourth quarter, pre-tax earnings were down 1 per cent year on year. According to the market analysts this is because the group lost market share in winter tyres, and margin recovery at Motorola is slower than expected.
US replacement tyre shipments declined 4.9 per cent in January, despite being down 4.4 per cent in January 2005. The downturn is widely accepted to have been at least partly caused by the recent Goodyear strike. According to Deutsche Bank analysts, warm weather may also have pushed back demand for winter tyres. The analysts also observed that other tyre makers, including Cooper Tire, are experiencing better demand than the overall market data suggests
Goodyear has launched a new tyre designed to replace the much vaunted Eagle F1 GSD3, which scored top marks in almost every test going – including Auto Express, Autocar, Max Power, Evo and Which? But while the old tyre’s symmetrical tread design was key to the product’s success, Goodyear is expecting the new product to succeed exactly because it isn’t. In addition to an asymmetrical tread design, the Eagle F1 Asymmetric features an asymmetric casing construction designed to reinforce one side and squeeze more grip from the tyre. Goodyear representatives told Tyres & Accessories they were gearing up for more award success following the introduction of the ‘Active Cornergrip Technology’ into the design of its latest tyre.
(Akron/Tire Review) Goodyear has named three finalists for its 24th annual North America Highway Hero Award. Elizabeth Pavlista of Miami, Ariz.; Edward Regener of Perres, Calif.; Richard Miner of Phoenix; and Marlon Marum of Burnsville, Minn.; were named finalists. The award will be presented at the upcoming Mid-America Truck Show in Louisville.
(Akron/Tire Review) Kumho Tire USA Inc. added two new sales managers to its U.S. sales force. Bill Armson joined Kumho as a regional sales manager for northern California. Most recently, Armson was a sales manager for Goodyear. Another Goodyear veteran, Lewis Jones, joined the company as regional sales manager for Iowa, Indiana, Illinois and northern Missouri.
Members of the NTDA have voted for their favourite companies in the six categories of the prestigious TAFF Awards and the winners will be announced at the TAFF Awards Dinner in Manchester’s Palace Hotel on 2 May. The nominations are:
Tyre Manufacturer of the Year
-Bridgestone UK Ltd
-Continental Tyre Group Ltd
-Goodyear/Dunlop Tyres Ltd
-Kumho Tyre
-Michelin Tyre plc
Product Innovation Award
-Bridgestone UK Ltd
-Continental CS Easy
-Goodyear/Dunlop Tyres
-Michelin Tyre plc
-Rema Tip Top UK Ltd
Goodyear’s net sales for 2006 were a record $20.3 billion, up 3 per cent despite a 5 per cent decline in tyre unit volume. However strike costs of $367 million meant the company recorded net losses of $330 million, compared to net income of $228 million in 2005. The company estimates that the strike reduced 2006 sales by $363 million, tyre volume by 2.8 million units and net income by $367 million. Tyre unit volume was 51.2 million units in the fourth quarter, compared to 55.7 million units in the 2005 period.
Goodyear has launched a new tyre designed to replace the much vaunted Eagle F1 GSD3, which scored top marks in almost every test going – including Auto Express, Autocar, Max Power, Evo and Which? But while the old tyre’s symmetrical tread design was key to the product’s success, Goodyear is expecting the new product to succeed exactly because it isn’t. In addition to an asymmetrical tread design, the Eagle F1 Assymmetric features an asymmetric casing construction designed to reinforce one side and squeeze more grip from the tyre. Goodyear representatives told Tyres & Accessories they were gearing up for more award success following the introduction of the ‘Active Cornergrip Technology’ into the design of its latest tyre.
(Akron/Tire Review – Jackson Sun) A worker at Goodyear Tire & Rubber Co.’s Union City, Tennessee, plant died Sunday evening from injuries sustained in an industrial accident at the plant.
In a statement issued by Goodyear, Todd Turner, manager of the plant, said that it was too early to speculate about the cause of the accident, but a full investigation is under way.
“Our thoughts and concerns are with the associate’s family at this very difficult time,” Turner said. “As a plant team, we are deeply saddened.”
The Goodyear Tire & Rubber Co. plans to introduce a new tyre in July that caters for a customer base that purchases premium high-performance cars. This tyre, the carbon-fibre, reinforced Eagle F1 All Season tyre, was revealed at the company’s annual tyre dealers’ conference in held Orlando, Florida at the start of February.
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