Goodyear Archives - Page 212 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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Singh Joins Goodyear’s Global Sourcing Organization

To ensure cost-effective supply of new products worldwide, a Goodyear marketing executive has joined the company’s new global sourcing organization. Dipinder “DP” Singh (44), the former director of global market intelligence and strategy, has been appointed director of global requirements planning. He reports to Chris W. Clark, senior vice president, global sourcing. Singh will work with the sales and marketing teams in each of the company’s business units to develop strategic initiatives to support global sourcing decisions.

3rd December 2003/by Tyrepress Editors

Goodyear steer tyre praised

Goodyear’s most high-tech truck tyre ever has received recognition that labels it as “terrific” and “one of the best product introductions of 2003,” according to Truck Sales & Leasing publication. The Goodyear G395 LHS steer-axle tyre for long-haul applications was honoured as one of “Terrific 20” of 2003 by the magazine. Winning products are chosen for their innovation, serviceability and performance, according to the magazine. Dave Beasley, Goodyear’s director of sales, commercial tyres said, “We are honoured to have this new tyre recognized as one of the best products in the trucking business. The tyre was designed to be a product that its users could rely on, mile after mile.”

2nd December 2003/by Tyrepress Editors

Goodyear’s Two Piece Wins Top 100 Award

When Goodyear’s Global off-the-road business unit formally launched the Two Piece Assembly this summer it called the new product “revolutionary”. Now it can be called “award winning.” The Two Piece Assembly has won Construction Equipment magazine’s Top 100 award for 2003.

2nd December 2003/by Tyrepress Editors

Goodyear Names Novotny to Lead Engineering & Manufacturing

The Goodyear Tire & Rubber Company has appointed Robert A. Novotny to the position of vice president, Global Engineering & Manufacturing Technology. In this role, Novotny will report to Joseph M. Gingo, executive vice president, Quality Systems & chief technical officer, and Chris W. Clark, senior vice president, Global Sourcing. Novotny, 48, replaces Ernest J. Rodia, who is retiring after 37 years with Goodyear. Rodia, 60, had served as the group’s vice president since February
2001.

2nd December 2003/by Tyrepress Editors

Strickler will not work for Visteon

George E. Strickler (55), who was to become new CFO of Visteon, the third biggest automobile supplier world-wide, has changed his mind. As he said yesterday, Strickler won’t take on the new job and explained that his about turn was for “personal reasons.” Until a successor for Daniel Coulson is found, he will stay in charge of Visteon’s finances as CFO. Up until 1999 Strickler was Vice President of Goodyear’s North American tyre section.

27th November 2003/by Tyrepress Editors

Volvo trucks picks Goodyear in USA

Goodyear has signed an agreement whereby its tyres will be fitted as standard on all Volvo trucks sold in North America over the next three years. The tyres will be manufactured at Goodyear’s plants at Danville and Topeka and products will include the new generation G395 LHS plus Goodyear’s complete commercial portfolio of application-specific tyres. The tyre manufacturer says it is delighted to be associated with a prestigious brand such as Volvo and expects considerable benefits in sales of replacement tyres.

24th November 2003/by Tyrepress Editors

Goodyear: Net loss grows to 332.4 million $ for the first 9 months

Tyre manufacturer Goodyear announced a net loss of 332.4 million US Dollars for the first nine months of this year. The net loss for the 3rd Quarter totalled $105.9 million. Sales in the last quarter rose around eleven per cent from 3.5 to 3.9 billion Dollars. However, volumes increased only by approximately two per cent from $54.4 (3Q 2002) to $55.3 million (3Q 2003). According to Goodyear, the turnover increased partly due to currency-exchanges and partly due to an improved product-mix. CEO Keegan is of the opinion that the efforts of the last months are bearing fruit. Nevertheless the fact is that the company disappointed again on the full line.

21st November 2003/by Tyrepress Editors

Goodyear promises more job reductions

The Goodyear management confirmed that it will cut another 1,200 jobs, beginning this year and finishing next. Goodyear has already cut 3,700 jobs this year and the bad news looks likely to continue next year. The management did not specify which jobs will be lost, nor which countries will be affected. The job cuts, along with cuts to employee pensions and benefits, are expected to save the company $350 million next year, Chief Executive Officer Robert J. Keegan said. Goodyear also announced that it also will raise prices 2 to 3 per cent on car tyres, 5 to 6 per cent on commercial tyres from the beginning of December.

21st November 2003/by Tyrepress Editors

Goodyear: Net loss grows to 332,4 Million $ (Update)

Goodyear’s 3rd Quarter 2003 results were taken up by the financial world with a deal of restraint and also with some disappointment. The Analyst at UBS Investment Research fears that because of the continuing loss situation in North America Goodyear shows signs of a possible breach of a covenant, while an analyst at Fitch Ratings asks impatiently, how long one has to wait for signs of the promised turnaround in North America? There was particular criticism that Goodyear was able to increase sales volumes only by approximately four per cent, in a market which grew by 6 per cent, while competitor Cooper added around nine per cent. Doubts were voiced that Goodyear can increase prices to the full extent needed, because of raw material price increases. While Goodyear mentioned positive trends, these were not apparent to observers.

21st November 2003/by Tyrepress Editors

Goodyear delays publication of third quarter’s figures

Yesterday Goodyear communicated to the Securities and Exchange Commission (SEC) that they had not yet completed the restatement of the previously announced results for 1998 through to the second quarter of 2003 and, therefore, would not be in a position to submit the figures for the third quarter of 2003. Goodyear shares fell by 9 cents to 6.64 US dollars.

18th November 2003/by Tyrepress Editors

Goodyear asks for more time (update)

The deadline for Goodyear to release its financial results for the third quarter has been extended from last Friday to this Wednesday, after the tyre maker asked the Securities and Exchange Commission for more time to finalise the figures. Goodyear also asked for more time to complete the restatement of its accounts for the past five years. The company has indicated that its third quarter loss will be in the order of $106 million, or 60 cents per share, which is higher than some analysts forecast. The loss will be Goodyear’s eighth quarterly loss in the past 12 quarters and the company says that its loss for the first nine months of this year will be between $310 million-$335 million. A Goodyear spokesman would not comment on whether the 3Q figures would include any special charges covering factory closures or other restructuring costs.

18th November 2003/by Tyrepress Editors

Raising the profile of Truck Point

Taking the wider view of the picture, trucking is now, for most medium to large operators, an operation that requires a varying degree of international transportation. That exposes drivers to conditions in foreign markets that they are not ideally equipped to handle. European service is notoriously poor, and equally notoriously expensive. All fleet operators agree that any international operations require international breakdown recovery cover. This causes difficulties for all manufacturers, with limited coverage in Europe. Bridgestone have solved this through a pan-European network of independent dealers operating under the Truck Point banner.

Truck Point has some 220 independent commercial tyre specialist outlets in the UK and a total in excess of 1,600 across Europe. The operation covers most of Western Europe and Scandinavia and is now expanding eastward into Poland and Hungary and other states as the demand for the service expands.

Bridgestone Europe has recognised the need to build a strong Truck Point network, and has recognised an urgent requirement to develop brand awareness of Truck Point across Europe. In light of this the company has launched a multi-million pound UK campaign to increase Truck Point awareness in the tyre trade and in the fleet sector. This is supplemented by an advertising campaign across Europe. Roger Moulding Marketing manager for commercial products at Bridgestone UK, told T&A, “We need to tell people what Truck Point is about and the changes we are making to the programme.

The Truck Point awareness campaign comes at a time when the competition in the truck tyre sector is heating up. There are opportunities being created in the UK by the divesting of commercial services by Continental, There are changes afoot at ATS Euromaster and the Goodyear situation, perhaps unfairly, casts a shadow over Hi-Q – though Goodyear is far from being bowed and the trade can expect developments in that area shortly. However, for the independent commercial tyre specialist there is really only one possible route forwards in dealing with the fleet market, and that, in the UK certainly, has to be Truck Point.

17th November 2003/by Tyrepress Editors

Goodyear’s Wells Honoured as a Top ‘Under 40’ Finance Executive

Darren Wells, vice president and treasurer of The Goodyear Tire & Rubber Company, has been recognised by Treasury & Risk Management magazine as one of the nation’s top finance executives under the age of 40. Wells’ responsibilities include Goodyear’s financial risk management, treasury policy, and the company’s relationships with the banking community. He was one of the key participants in renegotiating the company’s credit agreements in early 2003.

14th November 2003/by Tyrepress Editors

Bridgestone steelworkers talks break down

Talks between the United Steelworkers of America and Bridgestone/Firestone broke off in St. Louis yesterday. ”We told them the offer that was on the table is not something we could work from,” said Chuck Armstrong, co-ordinator for the union’s Bridgestone/Firestone Council. The company’s offer sought concessions on pension and health-care benefits and did not address key items found in the Steelworkers’ labour agreement reached with Goodyear Tire and Rubber this past summer. Bridgestone/Firestone spokes-man Dan McDonald declined to go into details but said the company and the union faced many ”hard issues” that needed to be discussed to reach a consensus.

13th November 2003/by Tyrepress Editors

Scott & Scott, LLC Announces Class Action Against Goodyear

Scott & Scott, LLC a law firm with offices in Connecticut and California, announced a securities fraud class action against The Goodyear Tire and Rubber Co. The complaints filed by the law firm have cited various individual defendants including Samir G. Gibara, Robert W. Tieken, Robert J. Keegan, and Stephanie W. Bergeron.

12th November 2003/by Tyrepress Editors