Goodyear Archives - Page 160 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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Tyre Manufacturer Leads Chase for National Tyres

A ‘big manufacturer’ has teamed up with Robson Asset Management (RAM), a private equity company established by former Royal Bank of Scotland finance chief Jeremy Robson, to bid for National Tyres and Autocare. According to the The Times, RAM is leading in the £100 million auction. However, Reuters has reported that there was interest in the auction from Phoenix Equity Partners-backed Nationwide Autos, PAI Partners-controlled Kwik-Fit and Graphite Capital-supported Micheldever Tyre Services.

Tyre manufacturer Bridgestone narrowly missed out on a bid to purchase Kwik-Fit two years ago. Bridgestone representatives continue to be silent on the deal, explaining that their policy is not to comment on speculation. However, Michelin already owns the UK’s largest tyre retail equity, Goodyear Dunlop has put all its efforts into developing its HiQ franchise and Continental is unlikely to about face and re-buy the company it sold as a loss-making business in 2002 – leaving only Bridgestone as a likely contender.

Earlier reports had suggested that Nationwide Autos had already made a bid for National. When news of the National sale broke earlier in July, Micheldever executives flatly denied they were bidding for the company. Kwik-Fit representatives refused to comment in relation to the auction.

30th July 2007/by Tyrepress Editors

Conditional Grants Would Help Goodyear Plant

(Akron/Tire Review – Fayetteville Observer) The Goodyear Tire & Rubber Co. plant in Fayetteville could receive US$40 million in state grants if it spends at least $200 million on improvements and keeps a minimum of 2,400 workers. A bill approved 105-5 by the North Carolina House on July 26 creates a fund designed to help the tyremaker, which closed two plants last year. The Fayetteville site, which has been on Ramsey Street for 38 years, was among those considered for closing.

The bill now goes to the state Senate. It would give as much as $4 million yearly for 10 years to as many as five companies meeting the investment and employment requirements. Fayetteville’s Goodyear plant is the only one that qualifies. “This is huge for all of the communities,” said Rep. Margaret Dickson, a Fayetteville Democrat who worked on the bill.

30th July 2007/by Tyrepress Editors

Sales Rise, But Goodyear Posts Net Loss for Half

(Tire Review/sg) Even as it saw second quarter sales rise some US$183 million, Goodyear Tire & Rubber Co. still posted a $118 million first half 2007 net loss. Sales for the quarter reached $4.9 billion, up 4 per cent year-over-year, and the company said strong sales from three of its tyre units pushed a tyre sales increase of 15 per cent. At the same time, Goodyear said, total tyre units sales fell for the half.

Total first half sales reached $9.4 billion, up from $9.2 billion posted for the first half of 2006. Goodyear’s North American Tire unit saw sales drop for both the second quarter and first half. For the quarter, North American Tire posted sales of 2.28 billion, down from $2.34 billion last year; sales for the half hit $4.29 billion, down from 2006’s $4.58 billion. In unit sales, North American Tire was down 2.5 million tyres for the quarter and 6.8 million tyres for the half. Goodyear said the unit decrease was driven by discontinued private brand business, softness in the truck tyre market, and weak OE sales.

27th July 2007/by Tyrepress Editors

Pneu-Logic Partners with Goodyear Dunlop in EFM Deal

Derbyshire based Pneu-Logic Ltd., now a subsidiary of Advanced ID Corporation, has entered into a strategic partnership with Goodyear Dunlop Tyres UK to provide Pneu-Logic Fleet Management System (EFM) products in the United Kingdom under the Goodyear Dunlop brand name. This latest agreement reflects Advanced ID’s current global activities, which has seen the company present Goodyear Dunlop EFM in Europe, the US and Australia. Advanced ID also report that they have received strong signs of interest from Asia and the Middle East.

According to a Goodyear Dunlop press release from the recent CV show in Birmingham, “Goodyear Dunlop EFM is a result of the strategic partnership with Pneu-Logic, manufacturers of hardware and software solutions for transport operators. Goodyear Dunlop UK began using Pneu-Logic equipment in 2006, and following the success of the initial trial, the tyre giant has chosen to launch a version of the system under its own brand name, tailored for the specific needs of Goodyear Dunlop customers.” The tyremaker intends to use these units in the UK and across Europe to collect tyre tread and pressure data from vehicles on their key fleets.

27th July 2007/by Tyrepress Editors

Sales Rise, But Goodyear Posts Net Loss for Half

(Akron/Tire Review) Even as it saw second quarter sales rise some $183 million, Goodyear Tire & Rubber Co. still posted a first half 2007 net loss of $118 million.

Sales for the quarter reached $4.9 billion, up 4 per cent year-over-year, and the company said strong sales from three of its tyre units pushed a tyre sales increase of 15 per cent. At the same time, Goodyear said, total tyre units sales fell for the half. Total first half sales reached $9.4 billion, up from $9.2 billion posted for the first half of 2006.

Goodyear’s North American Tire unit saw sales drop for both the second quarter and first half. For the quarter, North American Tire posted sales of 2.28 billion, down from $2.34 billion last year; sales for the half hit $4.29 billion, down from 2006’s $4.58 billion. In unit sales, North American Tire was down 2.5 million tyres for the quarter and 6.8 million tyres for the half. Goodyear said the unit decrease was driven by discontinued private brand business, softness in the truck tyre market, and weak OE sales.

26th July 2007/by Tyrepress Editors

Goodyear Honoured for US NASCAR Charity Auction

Goodyear, exclusive tyre supplier to the top three racing divisions of the US NASCAR championship, announced on July 24 that its ‘Get There’ charity auction has raised US$24,000 for The NASCAR Foundation and its driver affiliated charities. The auction, which saw fans place bids for 43 authentic race used Goodyear Eagle tyres, each signed by top drivers and including important race statistics, was reportedly highly successful, and as a mark of appreciation Goodyear was awarded the honour of being named a “Champion Friend of the Foundation” for the 2007 NASCAR Nextel Cup season. This is, according to the foundation, the highest distinction for charitable participation that can be conferred upon a one-time donor.

“As a long-standing supplier of NASCAR, we’re very proud to help support The NASCAR Foundation and its important mission,” said Stu Grant, Goodyear’s general manager of global race tyres. “Goodyear would like to thank all the fans who bid on these unique race-used Eagle tyres and helped us raise so much money for The NASCAR Foundation.”

25th July 2007/by Tyrepress Editors

Strikes & Wage Negotiations Continue in South Africa

South Africa’s tyre industry strike continued into its third day on Tuesday July 24 while wage negotiations reportedly continued to advance at a snail’s pace. While Tyre Employers’ Association spokesperson Attie Higgs reported that the parties involved had made progress on several non-wage demands, negotiations on wage related issues had not budged, with the “same position” being maintained on both sides.

While unions are demanding a 10 per cent wage rise, tyremakers Dunlop, Continental and Goodyear are prepared to offer an increase of 7.5 per cent, while Bridgestone’s carrot is a 7 per cent wage rise. National Union of Metalworkers South Africa spokesperson Mziwakhe Hlangani said “we want to force employers to improve their offer because the industry has been reporting good profits over the past three years. We are hopeful of a significant wage increase.” Such claims of industry growth are refuted by Higgs, who countered with the argument that during the past three to four years the local industry’s market share had been diminished by the presence of imported tyres.

25th July 2007/by Tyrepress Editors

Goodyear Announces Q2 2007 Earnings Release, Conference Call

Goodyear Tire & Rubber plan to report their second quarter 2007 financial results before markets open on Thursday, July 26, and follow this up with an investor conference call at 10:30 am local time. Participating in the conference call will be chairman and CEO Robert J. Keegan, president, North American Tire and chief financial officer Richard J. Kramer and senior vice president, finance and strategy Darren R. Wells.

Prior to the commencement of the call, the company will post the financial and other statistical information that will be presented on its investor relations Website: investor.goodyear.com. Those interested may access the conference call on the Web site or via telephone by calling (706) 634-5954 before 10:25 a.m. July 26. A taped replay of the conference call will be available at 3 p.m. that day by calling (706) 634-4556. The call replay will also remain available on the Website.

24th July 2007/by Tyrepress Editors

Goodyear Dunlop Invests in Next Tread Production Machinery

Next Tread, the commercial vehicle retread business of the Goodyear Dunlop group, has announced an investment in new machinery at its Wolverhampton plant. The investment in nail-hole detection equipment, which will be used on every tyre that enters the Next Tread process, is designed to ensure that Next Tread tyres are only produced using the best quality used truck and bus tyres (casings) available. This new-generation machinery is an integral part of the Next Tread Quality Assurance process and will be used on every tyre before it enters the retreading process.

Next Tread products are warranted for four years and are produced to the highest standards. Only quality casings, such as from Goodyear and Dunlop, are used to ensure the total quality of the product and its performance. The new machinery detects hole damage in the casing that may be invisible to the naked eye.

24th July 2007/by Tyrepress Editors

Goodyear Tyres Gain EPA Certification

(Akron/Tire Review) U.S. Environmental Protection Agency has certified Goodyear’s medium truck tyres featuring its Fuel Max Technology for use on SmartWay-eligible trucks. Goodyear said its medium radials with Fuel Max Technology can improve truck fuel efficiency by 4 per cent, and when used with other SmartWay-qualified components, each truck can produce savings of up to 4,000 gallons per year, or more than $11,000 annually. Goodyear’s Fuel Max line includes steer, drive and trailer tyres and retreads.

“Obviously we’re pleased that these Goodyear tyres are recognised for their fuel-efficiency by the EPA,” said Steve McClellan, vice president, commercial tyre systems. “We’ve enhanced fuel economy in our platform of line- haul tyres, so this is a win-win for our customers and the environment.”

Goodyear tyres featuring Fuel Max Technology include the Unisteel G395 LHS steer tyre, Unisteel G305 LHD drive tyre and Unisteel G316 LHT trail tyre in standard (11R22.5) and low-profile (295/75R22.5 and 285/75R24.5) sizes. Goodyear also offers UniCircle and precure retreading with Fuel Max Technology.

20th July 2007/by Tyrepress Editors

Conversion Period for Goodyear Convertible Notes

Goodyear Tire & Rubber announced on July 18 that its 4.00 per cent convertible senior notes, due June 15, 2034 were now convertible at the option of the holders and will remain so through to September 28, 2007, the last business day of the fiscal quarter. The notes became convertible because the last reported sale price of the company’s common stock for at least 20 trading days during the 30 consecutive trading-day period ending on July 17, 2007 (the 11th trading day of the current fiscal quarter), was greater than 120 per cent of the conversion price in effect on such day. The notes have been convertible in previous fiscal quarters.

The company will deliver shares of its common stock or pay cash upon conversion of any notes surrendered on or prior to September 28, 2007. If shares are delivered, cash will be paid in lieu of fractional shares only. Issued in June 2004, the notes are currently convertible at a rate of 83.0703 shares of common stock per US$1,000 principal amount of notes, which is equal to a conversion price of $12.04 per share.

19th July 2007/by Tyrepress Editors

Goodyear Becomes Contagious Again

Following the success of its ‘viral’ marketing campaign, first introduced in March 2006, Goodyear has chosen to promote its RunOnFlat tyres around the world through advertising agency Leagas Delaney. Two humourous new ‘virals’, internet based video advertisements that are distributed by individuals e-mailing them to friends and colleagues, have been released. Both videos, titled ‘waterbed’ and ‘bouncy castle’, demonstrate the perils of being caught with a puncture. Once the video has been watched viewers are invited to click through to Goodyear’s dedicated campaign website, www.runonflat.com.

The virals will be ‘seeded’ – introduced to the internet – by Go Viral, an agency that specialises in user-driven marketing campaigns. Go Viral handled Goodyear’s earlier viral marketing program, and the agency reported that these videos were viewed nine million times in nine months, with a million views in the campaign’s first week alone. Go Viral is confident that the latest viral videos will reach their desired target audience in the three intended markets.

19th July 2007/by Tyrepress Editors

Goodyear, USW Locals Still Negotiating

(Akron/Tire Review – Topeka Capital-Journal) Six months after Goodyear Tire & Rubber Co. and the United Steelworkers reached a national labour agreement, negotiations continue on a local supplemental contract that has implications for employees’ work and vacation rules.”Everybody in our membership thought this would be an easy deal, but it’s proved harder,” said Glenn Griffith, vice president of Local 307.

Griffith said the national deal, or “master agreement,” sets the tone for such big-ticket items as wages and benefits, but it’s up to local negotiators to work out the smaller points, like work rules and how overtime and vacation can be scheduled. He said the union has been meeting with Goodyear since at least April.

Amy Brei, a Goodyear corporate spokeswoman, said some of the other 11 plants across the country have ratified their local agreements. She couldn’t provide numbers.

19th July 2007/by Tyrepress Editors

Keeping Swimmers Safe with Goodyear

Motorists who buy Goodyear tyres will be helping to keep the Royal National Lifeboat Institute’s (RNLI) fundraising efforts afloat. Goodyear has joined forces with the prominent UK safety charity to help fund the RNLI’s vital lifesaving training, and every purchase of a set of Goodyear HydraGrip rain tyres – a product that independent tests have shown can reduce stopping distances in wet conditions – will see a donation of £2 go to the RNLI’s innovative training programme.

Goodyear brand manager Ben Crawley is delighted to be supporting the cause. “The RNLI is a fantastic example of an organisation with an innovative approach to safety and we are working with the charity to help fund and highlight its state-of-the-art training programme to ensure that volunteers get the best possible support…….we will also be looking to support the charity in many other ways.”

13th July 2007/by Tyrepress Editors

Goodyear Jamaica to Rebuild With Investment

In 2006 Goodyear Jamaica Ltd’s profits nose-dived more than 65 per cent, which was followed by a fire in January which meant its distribution network took a hit. However, at the beginning of July Goodyear Jamaica’s management announced plans to double its sales. In its first quarter to March, Goodyear posted losses of $3.8 million, saying the warehouse fire had consumed its profits.

“Inventory is almost 95 per cent back to its original level, and we have a full complement of staff to help regain the dominant position in the market,” Financial Controller Andrew Peart told local news sources, adding: “We will be selling the features and benefits of the product to consumers as we don’t think that the product is well differentiated in their minds.”

Jamaica had a tyre market of 1,008,116 – all imports – valued at just under $2 billion in 2004, according to the most recent data from the Statistical Institute of Jamaica.

9th July 2007/by Tyrepress Editors