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 Dunlop has been given planning permission for a new retread facility. The announcement signals the move of the truck tyre retread facility from its existing location to a newly refurbished building at the south end of the company’s Bushbury, Wolverhampton, plant.
(Akron/Tire Review) The Goodyear Tire & Rubber Co announced that its net sales for 2004 were a record $18.4 billion, an increase of 21 per cent over 2003. Tyre volume in 2004 was 223 million units, which was up 5 per cent from 2003. Goodyear’s net income in 2004 was $115 million, compared to a net loss of $807 million in 2003. The company estimated that raw material cost increases negatively impacted 2004 earnings by $280 million but that currency translation had a positive impact of approximately $30 million.
Penske Truck Leasing has named The Goodyear Tire & Rubber Company as 2004 Tire Supplier of the Year. Goodyear supplies Penske with a variety of truck tyres, including replacement and retreaded. In 2004, Penske extended a primary supplier agreement with Goodyear until at least 2008.
(Akron/TR) Goodyear Tire & Rubber has sold its closed tyre mould plant in Stow, Ohio, to an Akron area developer. Albrecht Inc, a commercial real estate developer that owns and operates a number of shopping centres in the Greater Akron area, bought the 106-acre site for $4.5 million, said Goodyear. The purchase includes land and a 131,500 square foot factory building, at which Goodyear produced tyre moulds from its opening in 1969 until it was closed in 2002.
(Akron/TR) Goodyear’s new Fortera, which features SilentArmor Technology, was named one of the “20 Seriously Hot Products that (Almost) Speak for Themselves” by Popular Science magazine. The story appears in the magazine’s April 2005 issue.
“To see our new Fortera SilentArmor tyre in this published gallery of high-demand new products is a real plus for Goodyear in the generation of word-of-mouth support and the creation of consumer buzz,” said Sanjay Sivanandan, vice president for Goodyear consumer tyres. “It demonstrates to consumers that tyres can be high-tech, too. In this case, people will recognize Kevlar as a key feature in these tyres. They don’t buy a tyre for technology alone; they buy the benefits of technology. They want relevant technology,” he said. Last year, Goodyear’s Assurance TripleTred line made the Popular Science list.
Bowing to investor pressure, Goodyear Tire & Rubber Co will allow shareholders to decide whether its board of directors should stand for election every year, rather than in staggered, three-year terms, the Akron Beacon Journal has reported. That move would give shareholders the power to vote out the whole board in one go, rather than decide the fate of a minority of directors each year.
(Akron/TR) Finalists have been selected for Goodyear Tire & Rubber’s Highway Hero Award, given to a professional truck driver who shows heroism in his or her work. Journalists from the trucking industry are voting for the one driver who will be selected as the 2004 Goodyear North America Highway Hero and presented the award at the Truck Writers of North America annual banquet, Goodyear said.
This year the General brand is celebrating its 90th anniversary, while Toyo Tire & Rubber Co will enjoy its 60th birthday this summer. At the same time Yokohama Tire Corp is celebrating its 35th year of doing business in North America. 2005 must be the Year of the Tyre Company, writes Tire Review.
Goodyear has announced the appointment of John Tseng as chairman and president, Goodyear Greater China. Tseng previously served as corporate vice president and general manager digital and film imaging systems for Eastman Kodak’s North Asia operations.
The United Steelworkers of America union (USWA) has announced that it has begun conducting strike preparation meetings with employees at Bridgestone/Firestone North American Tire (BFNAT) plants, according to Tire Review.
Speculation that the Goodyear Tire & Rubber Co will enter the Russian tyre market with a big investment is starting to become more concrete. Reports by a Russian analyst explain that the American tyre giant has shown the “most interest” on the subject of a partial takeover of joint-stock company, Nizhnekamskshina.
Debica SA’s net profits went into freefall in the fourth quarter of 2004, falling 98.14 per cent. According to a Dow Jones report, the company, 59.9 per cent of which is owned by Goodyear, recorded operating profits of 1.1 million euros in the period ended 31 December 2004. This compares with 8.1 million euros the same time the previous year (down 86.42 per cent). Net profits were hit the hardest falling 98.14 per cent from 8.3 million euros in the last quarter of 2004 to only 154,653 euros in 2004. Quarterly sales were the least affected, falling 4.76 per cent from 79.9 million euros in the final quarter 2003 to 76.9 million in 2004.
The end of year profit crash also impacted the total year figures. Although the company’s sales grew 8.54 per cent in 2004, from 360.9 million euros in 2003 to 332.5 million in 2004. Operation profit and net profits fell 4.49 per cent and 13.48 per cent respectively.
Goodyear has unveiled its RunOnFlat technology, the latest in a long line of pioneering innovations to roll out into the consumer market. According to the company, RunOnFlat tyres are “set to introduce a new dimension in safety technology into the automotive world and will bring greater peace of mind to the drivers of tomorrow.” Visitors to the Goodyear stand will be able to learn more about the company’s dedication to consumer-benefit driven innovation and technological excellence. The Goodyear stand will also give visitors an insight into the tyre company’s greatest achievements, which have kept it at the forefront of innovation for more than 100 years. Goodyear is the Official Press Sponsor for the event which takes place from 1 to 13 March 2005.
Goodyear Dunlop Tyres UK Limited has announced the appointment of Clive Powell as director, commercial business unit, headquartered in Birmingham, West Midlands. Mr Powell joins the UK organisation from his current position as sales director, Truck Tyres Europe. The new commercial business unit director will be responsible for the truck and bus tyre business, including the development of the TruckForce service network in the UK. Mr Powell’s predecessor, Wim Reijmerink, left the organisation to pursue other interests, the company said.
Richard Johnson, managing director, UK Operations stated: “Across Europe, Clive has played a major role in driving the development of our ‘best in class’ support services such as FleetOnlineSolutions, RoadsideAssistanceServices and TruckForce. We are confident that Clive can accelerate the successful implementation of these services in the UK to reaffirm our leading position in the truck and bus tyre market.”
Goodyear is expecting Eastern European business to flourish this year, due to an increase of around 670,000 in Poland’s vehicle numbers, reports the Warsaw Business Journal.
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