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.
Bridgestone has completed the acquisition of Goodyear’s stake in the Indonesian based Sumatra Plantation for $62 million.
Goodyear said the decision to sell its 95 per cent stake is consistent with its strategy to focus on core business activities. This transaction is not expected to “significantly impact” the company’s ability to acquire natural rubber for its operations, says the manufacturer.
Goodyear has teamed up with a number of motoring organisations to launch its ‘Drive Home Safely’ initiative. Together the group has arranged a dedicated website and road show to reduce motorists’ fears of coping with difficult driving situations.
Situations such as being followed, breaking down on the motorway alone at night, or having items stolen from their car are those being addressed by the campaign. In London during the first six months of 2005, there were almost 1,000 reported incidents of theft from, or damage to, vehicles according to the Metropolitan Police Service crime statistics.
The manufacturer intends the official website, www.drivehomesafely.co.uk, to act as a one-stop source of information for anyone affected by road security issues.
Goodyear has renewed its contract as the official tyre supplier to the Land Rover G4 Challenge. Commencing in Bangkok on 23rd April 2006, the Land Rover G4 Challenge will travel through Thailand, Laos and Brazil before finishing in Bolivia on 20th May 2006. Goodyear Wrangler MT/R tyres will be fitted to all the Land Rover G4 Challenge vehicles including the new Range Rover Sport and Discovery 3 as well as the Freelander, Range Rover and Defender.
“The Goodyear Wrangler MT/R tyre displayed outstanding performance on the inaugural Land Rover G4 Challenge in 2003” said Matthew Taylor, Land Rover, managing director, “we are delighted to have Goodyear’s expertise to assist competitors as they 4×4 drive their way through some of the world’s most exciting terrain.”
BMW Car Magazine has praised Goodyear for cracking the ride comfort issue of run-flat tyres. It complimented the manufacturer’s RunOnFlat tyre for not “jiggling about your internal organs as a pay-off for the extra security that run-flat technology brings.”
The publication commended Goodyear’s technology for overcoming many of the shortcomings of other run-flat tyres. According to the article, “there is no doubt that the RunOnFlats are a significant leap forward over previous run-flats… This car rode noticeably smoother than a previous Three (series) we have tested on the older Goodyear EMT run-flat tyres. Ruts and bumps were simply soaked up, the Three never losing its taut sports saloon composure or feeling anything other than planted.”
(Akron/Tire Review) The US Securities and Exchange has informed Goodyear Tire & Rubber Co that it is recommending civil and/or administrative enforcement action against the company in connection with Goodyear’s previously acknowledged accounting problems.
This “Wells Notice” has been issued in connection with the SEC’s investigation into accounting matters included in the company’s restatement of financial results, announced in October 2003, and related public filings. Wells Notices have also been issued to a former Goodyear CFO and a former chief accounting officer.
With the notice, the SEC is claiming Goodyear violated the Securities and Exchange Act of 1934 relating to the maintenance of books, records and internal accounting controls, the establishment of disclosure controls and procedures, and the periodic SEC filing requirements.
Recipients of “Wells Notices” have the opportunity to respond to the SEC staff before the staff make a formal recommendation on whether any action should be brought by the agency.
(Akron/Tire Review) Goodyear Tire & Rubber Co.’s Chicago location is evaluating its U.S. marketing strategy, which may include a review of creative and media assignments. Arnold in Boston and Media Planning Group in New York are the current firms retained by Goodyear. They were both invited to the discussions but have not decided if they will participate, according to reports.
Prompting the evaluation was the appointment of Joseph Viselli as marketing director for Goodyear, which occurred about six months ago. Along with the creative and media evaluation, Goodyear is likely to review other services, such as public relations and interactive chores, reports stated.
Ansell Ltd. (Australia/Goodyear’s joint venture partner in South Pacific Tyres) announced the appointment, effective 9 August 2005, of Mr Peter L Barnes as Chairman of the Board of Directors to succeed Dr Edward D Tweddell, who died on 4 August. Mr Barnes has been a Non-executive Director since October 2001. He has been Chairman of Ansell’s Audit Committee and is a member of its Nomination, Remuneration and Evaluation Committee.
Goodyear Tire & Rubber has completed the sale of its 95 per cent stake in Goodyear Sumatra Plantations to Bridgestone Corporation. The price was around $62 million.
(Akron/Tire Review) Goodyear Tire & Rubber Co.’s Dunlop brand has signed on as sponsor of the award-winning PBS automotive series MotorWeek, joining Stanley Works as the show’s second national sponsor.
Andy Traicoff, director of Dunlop, said the company added MotorWeek to its media mix to promote the 2005-2006 Dunlop Drivers Cup and to increase brand awareness for Dunlop Tires, already popular among performance car enthusiasts.
“Faced with increased competition for marketing dollars, we targeted MotorWeek to reach automotive enthusiasts who are likely to participate in racing, and to reach the ‘in-the-know’ driver,” said Andy Traicoff, director of the Dunlop brand. Traicoff said Dunlop added MotorWeek to help promote the 2005-06 Dunlop Drivers Cup and to increase brand awareness for Dunlop Tires.
MotorWeek is the original automotive TV “magazine series,” and has been on the air since 1982.
(Akron/Tire Review) Goodyear Tire & Rubber Co. is looking to launch a number of new products by the end of this year that will be “more impactful” than its already popular Assurance and upgraded Fortera and Wrangler lines. So said Bob Keegan during a briefing with analysts after revealing the company’s first half results. While he would not elaborate, Keegan told analysts, “We have more impactful products that will be introduced later this year.” Goodyear said sales of its Assurance line are well ahead of last year’s, and its revised Fortera and Wrangle light truck/SUV tyres are selling faster than its Assurance tyres.
(Akron/Tire Review – Freeport Journal-Standard) Following months of virtual silence about the future of Freeport’s Goodyear Tire & Rubber Co. plant, among the region’s last major source of good-paying industrial jobs, the CEO of Titan International Corporation Wednesday drew a rhetorical line in the sand, saying that while he wants to negotiate in good faith with the local United Steelworkers of America, Titan is in no mood for protracted talks or costly demands.
Goodyear Tire & Rubber has reported second quarter results which show net income more than doubled to $69 million. The company explained that price increases and an improved product mix helped to offset raw material prices. In addition the favourable impact of currency translation is said to have added about $108 million to the sales total.
(Akron/Tire Review) Goodyear Tire & Rubber Co. has informed its North American dealers that it will be increasing tyre prices between 5 and 8 per cent across the board as of 1 September. The increase impacts its Goodyear, Kelly Springfield and Dunlop brands, as well as all associate and private brands.
Goodyear said consumer tyre prices will jump between 5 and 8 per cent, commercial tyre prices will increase up to 5 per cent, and OTR tyre prices will go up between 5 and 8 per cent. Rising raw material and “transportation” costs were cited as the reason for this round of increases.
(Akron/Tire Review) United Steelworkers’ (USW) international leadership has extended approval to Titan Tire Corp to start negotiations with USW Local 745 in Freeport, Illinois. This move is a significant step towards Titan’s pending purchase of Goodyear Tire & Rubber Co’s North American agricultural tyre business. Under the terms of Goodyear’s contract with the USW, any purchaser must reach a new contract agreement with the union.
(Akron/Tire Review) Cooper Tire & Rubber Co has appointed Charles G Yurkovich Jr as technical vice president. Mr Yurkovich will lead Cooper’s technical organisation in developing new products and technologies and improving current ones, said Cooper.
Prior to this appointment, he had worked in various technical management roles in the consumer, commercial and retread markets and held sales and marketing management positions at Goodyear Tire & Rubber Co. Mr Yurkovich also holds US patents on light truck and medium truck tyre designs, according to Cooper.
If you would like the latest news from the Chinese tyre industry in Chinese, visit our partner site TyrepressChina.com. Or click below to continue on Tyrepress.
