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 Canada has announced that it will construct a new truck retreading factory in Beloeil replacing the existing facility Ville St-Laurent.
The move represents a “strategic choice for Goodyear Canada” said Mr Bernard Plante, general manager for Goodyear Canada. 5.2 million Canadian dollars will be invested in the project, which will produce a 69,000 sq ft building.
Dr. Rainer Schieben (42), managing director of Goodyear GmbH & Co. KG, the German distribution leg of the tyre manufacturer, has left the company “by his own decision,” writes Goodyear Germany in a press release.
During the 10 years Dr. Schieben worked for the Goodyear-Dunlop group, he has held several executive positions. He took up the position of managing director as of June 2001. Gerd Grünenwald, chairman of the managing board of Goodyear Dunlop Tires Germany GmbH, and Dr. Schieben’s superior, praised the former managing director as somebody who has delivered “a positive contribution” to the success of the organisation.
A successor will be proclaimed soon, according to Goodyear’s press release.
(Akron/Tire Review) The Goodyear Tire & Rubber Co announced that it has closed $3.65 billion in new credit facilities, including a $1.5 billion asset-based revolving credit facility due in 2010.
Other credit facilities include a $1.2 billion second-lien term loan due in 2010 and a $300 million third-lien secured term loan facility due in 2011.
Goodyear Dunlop has appointed Dominque Golsong as its European legal chief, reports Lawyer News.
Mr Golsong, the former associate general counsel of Dow Corning Corporation, the silicones and silicones-based products, technologies and services company, joined the manufacturer last month in his new position.
Replacing Philip Regnault, who retired after three years with Goodyear Dunlop he will be responsible for the company’s EU strategic business unit as well as the Eastern Europe, Middle East and Africa strategic business unit.
Prior to Dow Corning, Mr Golsong was a corporate lawyer in Linklaters’ Brussels office, after which he joined New York-based firm Sullivan & Cromwell.
Hi-Q Stafford Tyres is helping a Stoke businessman complete a rather draughty charity challenge – driving to John O’Groats and back, in a car with no roof. John Stephenson, who came up with the idea whilst stuck in a traffic jam, is undertaking the ‘Z car challenge’ in aid of Douglas MacMillan Hospice based in Blurton, Stoke On Trent.
(Akron/Tire Review) Goodyear Tire & Rubber Co. named a Texas truck driver who saved a family trapped in their car in a water-filled ditch as its 22nd North American Highway Hero. The award was announced Mar. 31 at the Mid-America Truck Show in Louisville, Ky.
(Akron/Tire Review) With business picking up, Goodyear Tire & Rubber Co. will recall some 160 workers previously laid off from its Union City, Tenn., tire plant.
A Goodyear spokesman said there was no timetable for the laid off workers to return, and that they would be brought back over time. The workers being brought back were laid off last October when Goodyear cut 250 jobs at the plant.
(Akron/Tire Review) Goodyear Tire & Rubber Co.’s push into the Chinese market will include a significant increase in its purchasing there, according to reports in China Daily. Chairman and CEO Robert Keegan was in China last week to announce Goodyear’s planned move of its Asia-Pacific operational headquarters from Akron to Shanghai.
The German Agricultural Society ‘Deutsche Landwirtschafts-Gesellschaft’ (DLG) has road tested two Goodyear farm tyres, the super wide Optitrac DT818 and the super volume Optitrac DT830 concluding that at speeds of up to 50 km/h, both tyres were “as comfortable as driving a passenger car.”
The 2006 Jeep Commander will be rolling out on Goodyear Fortera tyres when it hits North American dealer showrooms later this year, reports the tyre manufacturer.
The first Jeep with three rows of seats, the vehicle is positioned as a seven-passenger 4×4 that is “Jeep Trail-Rated.” Off-road capability and on-road refinement were requirements of the new vehicle, explains the tyre manufacturer adding, “the tyres had to match the package.”
Goodyear Fortera tyres are designed to offer a high-performance tread compound that delivers improved traction in wet and dry conditions. The computer-optimised tread pattern also promotes a quiet ride. The tyre size selected for the Jeep Commander is P245/65R17.
Goodyear Dunlop Tyres UK has appointed Jason Tyers as regional sales manager for the North, as part of the overall restructuring of its commercial department. The appointment follows the recent introduction of Clive Powell as director of Goodyear Dunlop’s Commercial Department.
(Akron/Tire Review) Goodyear tyres will be fitted on the popular Toyota Prius hybrid and have also earned fitment on the new Pontiac Solstice. Goodyear Integrity radials (size P185/65R15) are OE on the 2004 Prius, the fast-selling hybrid vehicle in America. The petrol/electric hybrid delivers 55 mpg on average, according to Toyota. The 2006 Solstice, a two-seat roadster that is expected to reach Pontiac dealers later this year, will feature P245/45R18 Goodyear Eagle RS-As, the tyre manufacturer said.
(Akron/Tire Review) Goodyear Tire & Rubber Co has announced that is proposes to add a $300 million third-lien secured term loan facility. The financing, due in March 2011, is in addition to new credit facilities of about $3.35 billion maturing in 2010. The $300 million financing, which is being arranged by JPMorgan and Deutsche Bank Securities, will be secured equally with existing secured bonds due in 2011 and is expected to close in April, the company said.
Although Goodyear’s earnings were roughly as expected Goodyear’s recent positive results contained some surprises, Deutsche Bank analysts have reported. Despite 4 per cent growth in unit sales and an 8 per cent increase in average transaction prices, Goodyear was only marginally profitable in its North American tyre division in the fourth quarter, say the analysts. “We have doubts about Goodyear Tires’ ability to cut costs, increase volume, or improve variable margins in this region. In fact, there was evidence that cost cutting is losing steam,” they said adding: “Our model suggests that first half EPS will be close to breakeven. Improvement in the second half requires significant ramp up of cost savings.”
Goodyear’s Assurance played a key role Goodyear’s recent financial improvements, according to a report in the Akron Beacon journal. Goodyear first rolled out the products a year ago in an effort to generate excitement for its flagship brand.
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