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.
(Akron/Tire Review) Just as suddenly as it came up, One Equity Partners has ended its quest to acquire Titan International Inc. One Equity Partners made an $18 per share offer last October, a move opposed by one of Titan’s largest shareholders but support by the company’s board.
North Eastern Tyre & Exhausts has recently completed an extension to its main distribution centre’s warehousing and sees itself as a prime example of a company geared up to distribute high and ultra high performance tyres. Following several years of continuous focus on developing its product portfolio the company is now building its reputation as a specialist in this area of the market.
Goodyear Tire & Rubber Company shareholders have re-elected James C. Boland, Steven A. Minter, Michael R. Wessel, John G. Breen and William J. Hudson, Jr. to the company’s Board of Directors.
In other business, shareholders passed a proposal requiring the annual election of directors. In connection with that proposal, the terms of all of the company’s directors will expire at the 2007 annual meeting.
In his address at Goodyear’s Annual Shareholder Meeting, chairman and CEO Robert J. Keegan said the tyremaker remains committed to the strategic direction implemented three years ago, describing the business as an “aggressive marketing company.”
“Innovation, quality and a sharp market focus continue to drive Goodyear in the right direction,” he said. “We believe we are taking the required steps to drive improving future performance.” Keegan cited the company’s important financial milestones in 2005, including record sales, net income double the 2004 level, and growth in its business segments.
A series of exclusive sofas and armchairs customised from Goodyear tyres by Italian designer Zak and fashion label Cavalli were unveiled at the 2006 Milan Fashion Week.
Zak was originally commissioned by Goodyear to design some pieces in June 2005. The company’s brief was to “recreate in the home the relaxed and comfortable state that drivers have on the road thanks to Goodyear RunOnFlat tyres.” Andrea Zaccone, Zak’s hugely talented designer based in Milan and Barcelona created an innovative sofa, chair, chaise-longue and kissing seat out of the RunOnFlat tyres which were customised with animal print and bright colours.
Gacosia, owned by the Tsui brothers, has its headquarters in Hong Kong and a subsidiary in California. China Wheel produces Gacosia its alloy wheels, and in turn the manufacturer considers Gacosia as one of its two self-brands (the other being “Finn”). Stephen Tsui, Gacosia managing director, and his team, spend most of their time in China Wheel’s office space in Guangzhou: “We are very close partners,” he says. The relationship between the wheel brand and its manufacturer – and this is not uncommon in China – is not based on actual contractual agreements, as is the standard in the western countries. Instead it’s a case of “you scratch my back and I’ll scratch yours,” so to speak.
Goodyear’s Engineered Products division has introduced what it says is the first alternative fuel dispensing hose verified by Underwriters Laboratories, Inc. (UL). The products are being introduced this week at the NAHAD hose and accessories distributors’ annual convention.
According to Keith Collett, industrial hose marketing manager for the company, a complete line of hose, including Goodyear Flexsteel, Ambassador, BC Gasoline and BC Marina, are available to meet the nation’s growing demand for clean burning biodiesel and E85 environmentally-friendly fuels.
G Craig Sullivan, former chairman and chief executive officer of The Clorox Company, has been elected to the Board of Directors of The Goodyear Tire & Rubber Company.
“Craig Sullivan is a top-rate business leader with extensive experience in building strong consumer brands,” said Goodyear chairman and chief executive officer Robert J. Keegan. “His experience and knowledge will be of significant value to our board of directors.”
Goodyear Tire & Rubber Company shareholders have re-elected James C. Boland, Steven A. Minter, Michael R. Wessel, John G. Breen and William J. Hudson, Jr. to the company’s Board of Directors.
In other business, shareholders passed a proposal requiring the annual election of directors. In connection with that proposal, the terms of all of the company’s directors will expire at the 2007 annual meeting.
Goodyear has launched a new “viral marketing” campaign using black humour to draw attention to the benefits of the company’s RunOnFlat technology.
The video clips, which will exclusively be distributed by “word-of-mail,” highlight the perils of roadside tyre changing through an exaggerated, entertaining and certainly unforgettable approach.
Michelin is to become the first major manufacturer in Scotland to commit to using renewable energy, with the construction of two wind turbines at its Dundee plant, says an article in The Scotsman. In a battle against being hurt further by rising energy costs, the turbines – which are expected to be operational by July – will provide up to 4MW of power on a windy day, meeting the entire Dundee factory’s needs. Over the course of the year it is forecast to provide about a third of the energy needs, cutting electricity bills by about 8 per cent, once running costs are accounted for.
Deutsche Bank analysts have reacted cautiously to the news that Goodyear is closing its Dunlop Tyre factory in the U.K. and ceasing production of bicycle tyres and inner tubes at its Poland plant. The company expects these actions to generate after-tax savings of between $30-$40 million per year. Goodyear has previously announced that it is targeting $250-$350 million in annual cost savings from reducing high cost capacity and shifting production to lower cost markets.
(Akron/Tire Review) Not only were Goodyear Tire & Rubber Co. sales up in 2005, the $19.7 billion in revenue earned the company a new place on the Fortune 500 list, when the tyre manufacturer moved up to the 112th spot on the annual list, up from 120th position last year.
Bridgestone UK has strengthened its training team by appointing Phil Thirsk (52) to the role of technical training manager, where he will work alongside fellow manager Paul Turner. Thirsk has more than 35 years’ experience in the tyre industry; having started his career in the 1970s as a tyre fitter at ATS, he spent 20 years working at Goodyear in a variety of roles, including service manager for mileage contracts, and spent four years based in Brussels, working at Bandag Incorporated.
The Goodyear Tire & Rubber Co. on Wednesday said it plans to close an automobile tyre plant in the United Kingdom and a bicycle tyre plant in Poland (Debica) in order to achieve combined annual savings of up to $50 million. The largest U.S. tyre company, which is based in Akron, Ohio, said it has begun discussions with union employees as a step toward shutting its Goodyear Dunlop United Kingdom passenger tyre factory in Washington, northeast England. This action is expected to create annual savings of approximately $20 million and result in charges of between $75 million and $85 million ($55 million to $65 million after-tax). The cash portion of this charge is estimated to be $35 million to $40 million.
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.
