Goodyear Archives - Page 209 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.

Posts

USWA contract at Asheboro

Officials at Goodyear’s wire plant in Asheboro (North Carolina/USA) reported Tuesday that an arbitrator has completed his confidential review of union authorisation cards from employees at the facility. Based on the review, which followed a 90-day union campaign at the Asheboro manufacturer, the arbitrator determined that a simple majority was achieved. Thus, the USWA is recognised as the exclusive representative of the Asheboro bargaining unit employees, as defined previously by the union and the company. Over the next several weeks, Goodyear and USWA officials will meet to discuss the bargaining process going forward.

17th March 2004/by Tyrepress Editors

Goodyear Completes Private Secured Notes Offering

The Goodyear Tire & Rubber Company has announced that it has completed a private offering of 650 million dollars of senior secured notes. The proceeds of the notes were used to repay the remaining amount outstanding under the company’s U.S. term loan facility, to reduce its 750 million dollars U.S. revolving credit facility to 680 million dollars and for general corporate purposes. “This financing, along with our recently completed 650 million dollar term loan, have enabled us to meet our goal of refinancing the U.S. Term Loan before April of this year and avoids the milestone fee that would have been payable under our restructured credit facilities put in place last April,” said Robert W. Tieken, executive vice president and chief financial officer.

16th March 2004/by Tyrepress Editors

Pilot Travel Centers go Michelin and Goodyear

Michelin Americas Truck Tires and Goodyear Tire & Rubber Company have announced agreements with Pilot Travel Centers LLC, the largest truck stop network in North America, to begin supply Michelin, BFGoodrich and Goodyear truck tyres at its travel centres. Pilot Travel Centers is a leading interstate retailer, operating 264 travel centres coast-to-coast. The company operates its travel centres in 38 states. Goodyear will supply a variety of truck tyres for Pilot’s store network, including the G395 LHS steer tyre. The new Pilot Truck Care Centers will also feature a full line of Michelin and BFGoodrich tyres including the Michelin X One wide single tyre line.

12th March 2004/by Tyrepress Editors

Wal-Mart drives Goodyear to RFID tagging

Wal-Mart has announced that its top 100 suppliers must comply with a requirement to Radio Frequency Identification each case and pallet delivered to its stores by 2005. 25 other suppliers including Goodyear have volunteered to join the project. RFID chips give each tagged item a computer readable signal that identifies it precisely. It is a process that has been in use in the defence sector to identify friendly aircraft since the 1940’s. As the only tyre company actively participating in a large retail- customer-driven RFID program, Goodyear is leading the way to overcome the challenges involved in using this technology with consumer tires. Attaching the tag to the tyre is a complex task and their method of transportation and storage raise other problems which Goodyear will need to address. In the interest of consumer privacy, all radio frequency tags applied to tyres by Goodyear will be designed to be disabled at the point of sale.

12th March 2004/by Tyrepress Editors

Goodyear Eagle F1 performs well in Which? tyre test

Consumer Association magazine, Which? put the leading UHP tyres through their paces recently with the Goodyear Eagle F1 coming top of its category
again. A convoy of cars were driven over 6,000 miles each in order to compile the results, with the spotlight turned on performance in both wet and dry conditions, ride comfort, noise creation, rolling resistance and wear. The Which? test saw the Goodyear Eagle F1 competing in the 17 inch category, a tyre that would normally be fitted on sporty versions of cars such as BMW 3 Series, Ford Mondeo and VW Golfs. The extensive testing saw the Eagle F1 given an impressive score of 70 per cent across all categories, with Which? reserving special comment for its grip in both wet and dry conditions, as well as declaring it the quietest in its section.

11th March 2004/by Tyrepress Editors

Goodyear fires three managers in Europe

Goodyear has fired three of its European managers, obviously holding them responsible for what the company calls accounting errors. Scialom (Vice President Finance Europe), McKnight (Managing Director Sales Countries) and his finance manager Loysen have bitten the dust. As far as it is known the three were given no reason for the notice, at this stage. Spokesmen for the group even refused to comment as to whether the three had been fired or had taken retirement. Goodyear is under formal investigation by the SEC and had to inform the public yesterday yet again, that it had found more accounting errors in the US, in the region of 16 million US dollars. Analysts are now concerned that Goodyear could be too busy dealing with these alleged improper actions instead of leading the company into a much needed turnaround.

10th March 2004/by Tyrepress Editors

Fire at Goodyear Philippsburg premises

At 3.00 a.m. this morning a fire broke out at temporary storage facilities at Goodyear’s Philippsburg plant in South West Germany. Rapid reaction by the emergency services quickly brought the fire under control. No-one was injured during the incident but due to the volume of smoke people were asked to keep doors and windows closed. There was no reported release of toxic chemicals. Some 40,000 tyres were in storage at the time of the fire. Other areas of the plant, including the key Central European storage facility with some two million tyres were not affected by the fire. The extent of the damage and the cause have not yet been determined but distribution is not being affected by the incident.

10th March 2004/by Tyrepress Editors

Goodyear and USWA settle differences

Goodyear Tire and Rubber and the United Steelworkers of America (USWA) have settled a dispute over where its new line of tires is manufactured. The union last week accused Goodyear of violating its labour contract by making the Assurance tires at a non-union plant. Goodyear denied the claim, but the dispute put a damper on the Assurance launch and it put more strain on an already tense relationship between the union and the Akron-based company. A union spokesman said they were happy with Goodyear’s promise that one million tires would be manufactured at union plants.

4th March 2004/by Tyrepress Editors

Goodyear Radials Beat Competitor by 56% in USAF F-16 Test

In a competition to supply tyres for the F-16 Fighting Falcon, the United States Air Force notified The Goodyear Tire & Rubber Company that its radial aviation tyres won a USAF performance shootout with a major competitor. Goodyear Flight Radials beat a Michelin radial tyre design by 56 per cent on the F-16 block 40 main landing gear, according to results of the USAF competitive evaluation. Goodyear officials said the win is significant since the Air Force uses the test results in its annual procurement awards.

1st March 2004/by Tyrepress Editors

Goodyear Radials Take off with Qantas

Goodyear announced that its Flight Radial aviation tyres have been selected to equip Qantas Airways’ new low-cost carrier Jetstar Airways. Goodyear is exhibiting its aircraft tyres at Asian Aerospace, formerly known as the Singapore Airshow. Goodyear’s five-year agreement with Jetstar Airways also was announced here.

1st March 2004/by Tyrepress Editors

More Good News For Goodyear Aviation Tyres

Goodyear Flight radial aircraft tyres beat a Michelin radial tyre by 56 per cent in a head-to-head test on the landing gear of a US Air Force F-16 Fighting Falcon. The test examined tyre life cycle costs and in the past, the USAF has used test results as a basis for its annual procurement awards. The USAF has more than 2,000 F-16s in service.

26th February 2004/by Tyrepress Editors

Goodyear Radials On Jetstar Fleet

At the Asian Aerospace show in Singapore, Goodyear has announced that it is to supply its Flight Radial aviation tyres for the A320 aircraft in Qantas’s new, low-cost carrier Jetstar Airways. Donald Roulett, global marketing manager for Goodyear aviation tyres, said that the move from bias ply tyres to radials made sense for cost-conscious airlines as radials deliver more landings per tread and provide more load-carrying capacity, helping to reduce costs. In addition, radials weigh up to one fifth less than bias ply tyres and provide lower rolling resistance, and thus better fuel consumption. The Jetstar fleet consists of 23 Airbus A320 aircraft and the agreement lasts for five years.

25th February 2004/by Tyrepress Editors

$650 Million Loan For Goodyear

Goodyear has announced the successful completion of a new $650 million secured term loan, arranged by JPMorgan and Citigroup. Around $335 million will be used to partialy repay the group’s existing 583 million U.S. $ term loan. Robert W. Tieken, executive chief vice president and chief financial officer, said: “Goodyear is now positioned to move forward with our plan to refinance the loans we put in place last year and to drive the company’s turnaround.”

24th February 2004/by Tyrepress Editors

Goodyear Union: Claims contract violation

Goodyear Tire & Rubber Co.’s largest union has said the company’s plans to make new passenger tyres at a non-union plant may violate the terms of their contract. The United Steelworkers of America said it wants more information from Goodyear about the Assurance tyres being made in Lawton, Oklahoma. USWA claims that the contract, which froze wages in exchange for job security measures, requires that new products developed for sale in North America be made at unionised plants. The dispute could strain Goodyear’s relationship with the USWA, which represents 19,000 workers at 13 U.S. plants.

20th February 2004/by Tyrepress Editors

Goodyear reassured but not assured

UBS Wartburg downgraded the recommendation on Goodyear shares from “neutral” to “reduce”. Company stock, which hit a 52-week high of 10.74 US dollars four weeks ago, has tumbled in recent days. On Wednesday, even as officials were rallying the troops, the stock traded as low as 7.99, closing at 8.09 US dollars, down 27 cents.

19th February 2004/by Tyrepress Editors