Goodyear Archives - Page 142 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.

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Michelin Latitude Tour Accentuates Crossover Benefits

Despite rising fuel costs and a trend towards smaller cars, crossover SUV vehicles remain particularly popular in North America. Aware of this, Michelin has produced a tyre specifically for this unique class of vehicle. The Michelin Latitude Tour tyre is specifically designed for crossover vehicles, and the tyre major states the tyre is intended to accentuate the features that make these vehicles so popular, providing the strength of a truck tyre with the ride and comfort of a passenger car tyre.

4th September 2008/by Tyrepress Editors

Goodyear Reducing Truck Tyre Production in Luxembourg

The output of truck tyres from Goodyear’s facility in Colmar-Berg, Luxembourg will be significantly reduced until the end of this year. The reason for this decision, the company disclosed in a press statement, is the strong decline in Europe’s truck tyre market, with sales figures much lower than expected. This occurrence has, Goodyear adds, resulted in a steady increase in the overall stocks of truck tyres held by the company.

4th September 2008/by Tyrepress Editors

Retail Director Leaves Goodyear Dunlop

Goodyear Dunlop Tyres UK has announced that retail director Neil Burrows has left the company. The departure comes following the company’s decision to pursue a franchise-based strategy for the expansion of its HiQ retail business.

In March this year Goodyear Dunlop announced growth plans for HiQ via an “area zone” Accelerated Franchise Programme, adding that Burrows was to lead a management buyout bid covering all of the company’s owned stores. The bid process was significantly over-subscribed and, after careful consideration of all offers, the company announced that they had chosen to accelerate the growth of the nationwide vehicle servicing network through franchising rather than via management buyout.

3rd September 2008/by Tyrepress Editors

Good News for Goodyear and Cooper Shareholders

Shares in American tyre manufacturers Goodyear and Cooper were on the receiving end of significant boosts on 2 September, following Hurricane Gustav’s near miss on the Gulf Coast and its oil facilities. As a consequence of this, crude oil prices dropped 5.75 US dollars on the NYME, allowing automotive-related companies to begin to claw back some of their 2008 lost value.

Goodyear saw shares rise by 83 cents (4.2 per cent), finishing on 20.44 US dollars, having gone to a high of 21.62 earlier in the day. Meanwhile Cooper rose 71 cents (7.4 per cent), to 10.27 US dollars, with a daily high of 11.25. Over the past year Cooper has traded between 7.05 and 26.02 dollars, while Goodyear has also seen a wide range of prices between 15.56 and 31.36 dollars.

3rd September 2008/by Tyrepress Editors

Goodyear Dunlop Makes Big Push for Birmingham Children’s Hospital

Birmingham’s city centre canal system received some unusual visitors on August 31 when Goodyear Dunlop employees rolled one of the company’s Marathon truck tyres along its banks in a bid to raise funds for Birmingham Children’s Hospital. This unusual challenge was thought up by the company’s truck tyre department, which was seeking to take on an endurance challenge in aid of the companies’ corporate charity. The two-mile push saw the team of 15 from Goodyear Dunlop’s Birmingham and Wolverhampton sites negotiate bridges and slopes in an effort to move the 62 kilogram, metre high Goodyear Marathon truck tyre along the historic canal route.

3rd September 2008/by Tyrepress Editors

Goodyear Retail Closures Viewed Positively, Comment DB Analysts

A Deutsche Bank analyst report indicates that Goodyear’s decision to close 92 “underperforming” retail locations in the US is a good thing. “Overall, we view this announcement positively,” says the report, “as it demonstrates additional cost savings as GT (Goodyear).” The closure of the retail stores is expected to result in after-tax charges of US$40 million and generate savings of $9 million per annum. This level of savings, says Deutsche Bank, could potentially add $0.03 to $0.04 to its earning estimate.

2nd September 2008/by Tyrepress Editors

Tropical Battery to Distribute for Goodyear Jamaica

Goodyear Jamaica, which currently faces mounting losses on its island operations, has appointed Tropical Battery – a distributor of batteries, Castrol motor oils and other car care lubricants, brake pads and other automotive products – as its distributor in an effort to gain better local market positioning. Meanwhile, Goodyear will continue to operate its Caribbean marketing and administration from its Kingston office.

“(Tropical Battery’s) strong distribution structure, sales and service capabilities will significantly improve our customers’ overall brand experience,” states Steven Miller, Goodyear Jamaica’s general manager. “Tropical’s leadership team has a proven track record of success and is committed to growing the Goodyear brand across Jamaica.”

1st September 2008/by Tyrepress Editors

Bike Tyrestore Not Just Tyres for Bikes

Bike Tyrestore, as the company name more than suggests, predominately participates in the motorcycle tyre sector, supplying dealers and customers with quality products for two-wheeled machines. However vehicles with four wheels are not entirely spurned by the Birmingham based company – Bike Tyrestore also keeps quad bike users on (or off) the road with a healthy range of ATV tyres.

1st September 2008/by Tyrepress Editors

Veyance Appoints Gingo to Board

Veyance Technologies Inc., exclusive manufacturer of Goodyear Engineered Products, has appointed Joseph Gingo, chairman and CEO of A. Schulman Inc., to its governing board. The election of Mr. Gingo increases the size of Veyance’s board to seven.

“Joe’s broad experience includes leading our business ten years ago when we were a division of The Goodyear Tire & Rubber Co.,” said Veyance president and CEO Tim Toppen in a statement. “He fully understands our customer-focused, market-back business philosophy and the importance of innovative products and services.”

28th August 2008/by Tyrepress Editors

HiQ Experiences “High Level” of Franchise Interest

Mark Brickhill, the group managing director of Goodyear Dunlop, has released a statement commenting on the “high level of interest from ambitious businesses wanting to join us in investing in the future growth of HiQ” following the announcement of the company’s plan to sign long-term franchise agreements. The move towards longer franchises comes as a manoeuvre that will prevent a proposed management buyout from taking place, while also extending the scheme that has seen great success in Northern Ireland and Scotland.

Brickhill continued, stating that since the announcement of the extension of the franchising system to all parent-owned HiQ sites in England and Wales, many businesses had applied to join the scheme: “On the closing date (May 16th) we had more bidders than the total number of franchise regions. This puts us in a strong position to make choices that ensure we have committed franchisees on board who share our vision in strengthening the network.”

27th August 2008/by Tyrepress Editors

Goodyear VEBA Trust Gains Court Approval

Goodyear reports that the Voluntary Employees’ Beneficiary Association trust (VEBA) proposed by it and the United Steelworkers union has been approved by the US District Court. Under the terms of the settlement agreement, Goodyear will now make a US$1 billion cash contribution to the VEBA, which will provide healthcare benefits to the company’s current and future USW retirees. This one-time contribution will be made initially from existing cash reserves and available credit lines.

“Gaining court approval for the VEBA is a win-win for Goodyear and for our current and future USW retirees,” said Goodyear Chairman Robert J. Keegan. “This agreement both protects retiree benefits for years to come and removes a significant legacy obligation from our North American business.”

26th August 2008/by Tyrepress Editors

Belle Honored for 50 Years With Goodyear

Michigan-based Belle Tire recently celebrated its 50th year of doing business with Goodyear. Goodyear chairman and CEO Bob Keegan and other company officials visited Belle Tire on Aug. 15 to present anniversary awards.

Belle Tire, which began business in 1922, started with Goodyear in 1958 when it took on the Kelly-Springfield line. Don Barnes, the Kelly salesman who put the deal together, later came on as a partner in Belle Tire, buying 100% ownership in 1984. Today, Belle Tire operates 80 retail locations across Michigan and northern Ohio, with seven offering commercial tires and service. (Tire Review/Akron)

26th August 2008/by Tyrepress Editors

Safety Board to Investigate Goodyear Explosion

The US Chemical Safety Board (CSB) has announced that it is proceeding with an investigation into the causes of an explosion that occurred in June at a Goodyear rubber manufacturing facility in Houston, Texas. One employee was killed in the incident and several injured, including contract workers who were exposed to hazardous anhydrous ammonia. CSB investigators have already carried out a fortnight of visits to the plant to conduct interviews and accumulate other evidence.

22nd August 2008/by Tyrepress Editors

Goodyear to Close 92 US Retail Outlets

Goodyear plans to close 92 – 12 per cent – of its 742 company owned retail outlets in the US, and eliminate 600 full and part-time jobs. This decision to close these ‘underperforming’ shops is said to be a company response to pressure stemming from the US economic downturn.

“Following a rigorous review of operating performance and local market dynamics, these company-owned outlets are not producing acceptable returns,” said Scott Vogel, vice president, retail operations, North American Tire. “Taking this action now will allow us to focus our attention on locations with the best long-term potential. It will help position Goodyear to be a stronger competitor.”

20th August 2008/by Tyrepress Editors

Goodyear Employees Face Hungry Fortnight

Thousands of Goodyear employees at several temporarily closed US facilities are facing a lean fortnight after learning the company ‘sub-pay’ trust fund that was supposed to cover them during the closure period may contain insufficient funds. This means many workers at affected facilities must rely solely on unemployment benefits to survive.

20th August 2008/by Tyrepress Editors