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 is in discussions about the sale of its agricultural tyre division in North America and sources have reported that Titan would be a potential buyer. It is said that both parties are close to an agreement. As far as Europe is concerned, the management has suggested it is willing to keep this business.
Goodyear Tire & Rubber is considering restructuring options, including the closure of North American plants, shifting work to “low-cost” countries and cutting an unspecified number of jobs, the Wall Street Journal has reported.
Goodyear Dunlop Tyres UK has announced that it has appointed the RLA Group as its trade marketing agency. The agency will be responsible for developing and coordinating a trade marketing programme covering all group activities. RLA will represent the Goodyear, Dunlop and Fulda tyre brands and the Hi-Q retail vehicle and tyre service network.
The Associated Press has reported that James M Zimmerman, a member of the Goodyear Tire & Rubber Co. board of directors, has resigned. The company said that Mr Zimmerman had requested that his resignation be effective immediately. Goodyear has not specified what was behind the decision and stated that no further information will be released.
Goodyear is launching a line of ‘self sealing’ truck tyres into the American market. The tyres will feature a gel-like rubber compound designed to instantly seal tread punctures, reports the Beacon Journal.
The manufacturer claims its new technology can extend the life of a truck tyre by six times its average span. The product is aimed at trucks operating in harsh conditions, where the tyres currently last for an average of three weeks.
Goodyear Aviation is to supply tyres and tyre maintenance to Ryanair, under a new five-year contract.
The contract with the low budget airline began on 1 January and includes the delivery of new tyres and the repair and overhaul of aviation tyres that supply the current fleet of 66 Boeing 737-800s. This will extend to a further 96 aircraft, with up to 123 options to be delivered up until 2009.
Goodyear welcomed the news that the redesigned 2005 Jeep Grand Cherokee has received yet another accolade for its “versatility and style,” as its tyres will again be fitted on all models of the new vehicle.
The vehicle recently won the title of “2005 SUV of the Year” by ‘Truckin’s SUV,’ an enthusiast magazine. According to the magazine, the Grand Cherokee stood out due to its “refined ride, off-road performance, and high-feature content coupled with notable quality, excellent road manners, and a warm and inviting interior.”
Goodyear Tire and Rubber Company and Siemans VDO have unveiled the results of their cooperation as part of Ford’s latest concept car, the Ford Shelby GR-1. When the new vehicle was unveiled at the North American International Auto Show in Detroit it would not have been immediately obvious that the concept coupe carried a fully functional “Tire IQ” TPMS. Even so, the companies behind the system highlight this feature describing it as the “most advanced tyre information system to be developed.”
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Financial analysts are predicting that the US tyre market has performed better than expected in the month of December, increasing 9.5 per cent year-over-year. The news follows a six per cent increase in November and an 8 per cent decline in October. The market watchers from Deutsche Bank estimate that US tyre manufacturers are likely to have experienced a 2.5 per cent increase in replacement volume. In addition the analysts report that volumes this quarter are also better than expected. As a result Deutsche Bank predicts that Cooper and Goodyear will experience a positive modification in their share prices of $0.10 and $0.07 respectively.
The USWA has halted plans to unionise Goodyear’s Asheboro, North Carolina plant. So far there is no information about when the activity at the plant stopped or when the union will be allowed to mount a new campaign. According to information provided by the National Right to Work Foundation (NRWF), “Under the terms of the settlement, USWA union officials may not use the ‘card check’ unionisation schemes in any future organisation attempts at the Asheboro Goodyear facility.”
In a statement Goodyear North America communications manager, Amy Brei stated that the company has cooperated fully with the National Labour Relations Board (NLRB) and will continue to do so. She said charges in the complaint centred around whether a neutral arbitrator properly accounted for employees who revoked written union authorisation cards they had previously signed. “Goodyear did not ‘ignore’ the revocations; they were presented to the neutral arbitrator for his consideration. Goodyear associates have been – and always will be – free to choose whether or not they want union representation.”
Speaking to local newspaper the Asheboro Courier, USWA area representative Brad Smoyer stated a desire to continue the organising drive, adding that the USWA will assist workers in that effort. He said officials found no evidence of coercion by the USWA or Goodyear during the 2004 union drive.
The NRWF was clearly pleased with the result: “This victory is a step towards holding union officials across the country to account for trampling workers’ rights under abusive ‘card check’ schemes,” said Foundation vice president Stefan Gleason in a press release. “While encouraging, it’s an outrage that Goodyear struck a backroom deal with USWA officials in the first place to deny these workers the freedom to decide their own representation through the less abusive secret ballot election process.” cja
Goodyear has won a $159 million settlement from an insurance lawsuit over environmental clean up costs.
The lawsuit, originally filed in 1993, challenged insurance companies that would not honour the company’s policies and pay out for government ordered clean ups of its facilities.
The manufacturer said that the settlement will be paid over the next 15 months, however it is withholding the identity of the insurance companies involved.
The Royal Smithfield Show has always been the place to be seen for those involved in agricultural tyres. Renowned as one of Europe’s largest and most comprehensive agri-business events, this year’s exhibition will span 60,000 square metres of indoor space and is expecting up to 50,000 visitors from around the world.
Around 20 companies, including ATS Euromaster, Bridgestone, R H Claydon, Goodyear Dunlop, Michelin, Mitas UK, Solideal, Tyremart and Wheel Solutions, will represent the agricultural tyre and wheel sector with a range of new and existing products. Tyres & Accessories will report the latest information from the agri-world and in the light of ongoing UK trade show debates will ask whether this is one tradition the UK industry can really afford.
Goodyear is to resolve some of its financial issues by working with South Pacific Tyres Australia to reach an agreement on how to account for $8 million through a supply deal between both companies.
According to news source Forbes, the tyre manufacturer is attempting to have this supply deal aligned under US accounting principles. The financial statements for South Pacific Tyres are prepared under Australian accounting principles, and then adjusted for use in the United States. These disclosures are required before Goodyear can file its amended annual report for 2003 with the Securities and Exchange Commission.
Kumho Tire is to join the American Le Mans Series (ALMS) this year, as a race tyre supplier, according to American news source Tire Business.
The company will begin both tyre testing and the selection of a racing team this month. The tyre manufacturer is reportedly already in talks with GT and prototype teams.
Bridgestone Corporation has told the Financial Times that it is reviewing its European operations with a view to increasing production in this area. “We are undertaking a study of what might be built and where,” said Bridgestone Europe’s chairman and chief executive, Minekazu Fujimura.
According to the business newspaper, Europe accounts for 12.5 per cent of Bridgestone’s global sales, which are expected to be to total more than $17 billion last year for 2004. Bridgestone is suggesting that any new manufacturing capacity will be located in Central or eastern Europe. Any future move will be made in response to the regions low labour costs and fast-growing car markets, factors that also prompted the company to double production in Poland. In addition Bridgestone is establishing a new proving ground, training and research centre near Rome, which is due to be completed in Spring 2006. Bridgestone currently runs five plants in Europe – three in Spain, one in France and one in Poland.
Mr Fujimara explained that moving to Eastern Europe also involves something of a pay-off. “Affordability is an issue for western tyre makers seeking to grow sales there – they are behind on technology but lower on prices,” said the Bridgestone executive.
Bridgestone says it believes it is “breakthrough time” for run-flat tyres. At least three major new volume-built car models will be launched this year with run-flat tyres specified as standard, said Des Collin, Bridgestone’s commercial vice-president. While the contracts for the first volume car application – the new Mini – have gone to Pirelli and Goodyear, Bridgestone has won contracts with BMW for its One Series small car. Bridgestone expects sales of its run-flats to rise by 50 per cent this year to 1.5 million Mr Collin added.
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