Goodyear Archives - Page 166 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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Goodyear Plant, Union Reach Deal

(Akron/Tire Review – Fayetteville Observer) After five weeks of negotiations, the United Steelworkers of America and Goodyear Tire & Rubber Co. have reached an agreement on local issues.

About 300 union and family members gathered Mar. 18 at Pine Forest Middle School, less than half a mile from the tyre plant, to hear details of the tentative agreement, which mainly addressed scheduling, hiring and vacation time. Wages and benefits were not part of the talks, as they were decided in December by the master contract.

“What did we get during local negotiations?” asked Darryl Jackson, president of the Local 959. “Depends on who you talk to.”

Considering the union brought more than 100 proposals to the table and the company brought nine, Jackson said he felt they reached a “good deal.” Union members will get a chance to vote on the agreement Wednesday at the union hall, across the street from the plant.

20th March 2007/by Tyrepress Editors

Goodyear Shares Rise as Sale of Division Draws Closer

Goodyear Tire & Rubber Co. shares rose more than 6 per cent on March 19 following a ratings upgrade stemming from the anticipated announcement that the company will sell its engineered products division. According to KeyBanc Capital Markets analyst Saul Ludwig, the sale of the division could be announced in April. “Industry contacts tell us that a deal could be announced within the next 30 days and the selling price could top the $1 billion that is widely expected,” he reported.

Ludwig raised his rating on the US tyre major to “buy” from “hold,” citing the possibility of the sale of this unit plus that of Goodyear’s global off-road, aircraft, or international farm tyre businesses, as well as plant closures in Europe, Asia and South Africa, other cost cuts and an equity offering of at least US$1 billion.

20th March 2007/by Tyrepress Editors

Goodyear Engineered Products Introduces New Fuel-Line Hoses

(Akron/Tire Review) Goodyear’s Engineered Products division has expanded its fuel-line hose lineup to include Goodyear SAE 30R9 and 30R11 high-performance and low-permeation fuel hoses for ATVs, snowmobiles, jet skis, lawn mowers, snow blowers and generators. According to the company, the hoses meet new U.S. EPA and California Air Resources Board (CARB) emission requirements that took effect January 2007.

The new fuel-line hoses are compatible with a variety of fuels, including gasoline, diesel and ethanol. In addition, the SAE 30R9 can be used for sour gas and environmentally-friendly biodiesel fuel applications. The new hoses are designed for moderate-pressure applications and help resist swelling, chemical degradation and oil and fuel permeation, according to Goodyear. Outer hose covers help resist decay from oil, heat and ozone, the company stated.

Goodyear recently introduced its Gatorback Sport continuously variable transmission (CVT) belt with carbon fibre for ATVs.

15th March 2007/by Tyrepress Editors

Goodyear Names Richard Kramer President of North American Tire

The Goodyear Tire & Rubber Company announced on March 14 that Richard J. Kramer has been appointed president of the company’s North American Tire unit, effective immediately. Kramer succeeds Jonathan D. Rich, 51, who is leaving Goodyear to pursue other leadership options. Currently executive vice president and chief financial officer for Goodyear, Kramer, 43, also will continue as CFO until the company names a replacement.

Kramer joined Goodyear in March of 2000 and was elected an officer of the company as vice president, corporate finance. He became vice president of finance for the North American Tire business in July of 2002 and was promoted to senior vice president, strategic planning and restructuring in August of 2003. In May of 2004 Kramer became chief financial officer.

14th March 2007/by Tyrepress Editors

Pirelli to Raise US Prices

The cost of Pirelli passenger car and light truck tyres in the US will rise as of April 2007. Pirelli Tire North America has indicated its intention of increasing the price of its passenger car tyre range by up to six per cent, while prices light truck tyres will rise by up to nine per cent. The amount of increase will vary according to product line and/or tyre size.

Pirelli state that the latest increases are the result of escalating raw material and energy costs. The company’s decision to raise prices comes less than a week after both Goodyear and Hankook released details of similar price increases for North American consumers.

14th March 2007/by Tyrepress Editors

Two Further Goodyear Appointments

On the same day that Goodyear Tire & Rubber announced the appointment of a new company president came the news of two further appointments. Darren Wells has been appointed senior vice president of finance and strategy for the company as of March 14. Wells, 41, previously served as Goodyear’s senior vice president, business development & treasurer.

With the announced appointment of Chief Financial Officer Richard J. Kramer to run the North American Tire Business as its president, Wells assumes Kramer’s former responsibility for the company’s overall strategy development. In addition, Wells retains his finance responsibilities, which include treasury, investor relations, business development and tax.

14th March 2007/by Tyrepress Editors

Goodyear Proxy: Top Execs Got $31 Million

(Akron/Tire Review) The company’s climbing stock prices helped boost compensation packages for Goodyear Tire & Rubber Co.’s five top executives to some $31.3 million. The compensation package amounts was revealed in Goodyear’s proxy statement, filed last week with the Securities and Exchange Commission.

13th March 2007/by Tyrepress Editors

Goodyear Price Hike Will “More Than Offset Costs”

Following Goodyear’s announcement that it will increase prices on by 4-5 per cent on 1 April, some analysts have suggested that the rise will more than offset raw material costs. The announcement follows similar moves by other premium manufacturers (namely Michelin and Bridgestone).

12th March 2007/by Tyrepress Editors

Goodyear OE for US DaimlerChrysler Truck Division

The latest release from DaimlerChrysler subsidiary Sterling Truck Corp. will come fitted with Goodyear Unisteel commercial tyres as OE equipment. Designed especially, in the words of the tyremaker, for “traction-challenged work sites”, the 225/70R19.5 size tyres feature a high scrub-resistant tread compound to provide added durability in applications such as pick-ups and deliveries, where turning, braking and reversing are much more frequent than the norm.

8th March 2007/by Tyrepress Editors

Goodyear – a Highly Admired US Company

The Goodyear Tire & Rubber Company has been identified by Fortune magazine as one of America’s most admired companies. Goodyear was the highest-ranked tyre company and ranked No. 2 overall in the motor vehicle parts category of Fortune’s America’s Most Admired Companies, up three places from its 2006 ranking.

8th March 2007/by Tyrepress Editors

Renault Trucks First To Offer Duraseal Technology

(Douglasdale, South Africa/S.A. Treads) Renault Trucks is Europe’s first truck maker to offer Goodyear Duraseal Technology. Customers ordering vehicles from the brand-new Renault Kerax of construction range, which were launched at the IAA Truck Show in Hanover recently, will have the choice of Goodyear Omnitrac mixed-service tyres featuring Duraseal Technology. This means less downtime and reduced tyre costs.

6th March 2007/by Tyrepress Editors

Fire Damages Goodyear Thailand Facility

A sizeable fire destroyed large sections of a Goodyear factory in Pathum Thani province, Thailand, on March 2. The fire that broke out in a mixing room at about 11.30pm burnt through the factory in about two hours.

6th March 2007/by Tyrepress Editors

South Pacific Tyres Appoints new Sales Vice President

South Pacific Tyres, Goodyear Dunlop’s Australian and New Zealand operation, has appointed Wayne Johnston to the role of the company’s vice-president, sales. In his new position he is responsible for all Goodyear and Dunlop tyre sales throughout Australasia. This covers 450 retail stores and 150 licensees trading under various names including Beaurepaires, Goodyear Auto Service Centres and Frank Allen Tyres. Johnston also has responsibility for the company’s nine retreading factories and for its participation in motorsport.

Johnston will also continue in his existing role as national manager for New Zealand, and will spilt his time between there and Australia.

5th March 2007/by Tyrepress Editors

Analysts Raise Goodyear Share Target

Analysts have raised their share target for Goodyear following the company’s announcement that it will change its salaried benefits which will have the combined effect of reducing the company’s pension expenses by $80-$90 million in 2007 and $100-$110 MM in 2008.

5th March 2007/by Tyrepress Editors

Goodyear Announces Changes to US Employee Benefits

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.

1st March 2007/by Tyrepress Editors