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.
The Goodyear Tire & Rubber Company is investing over 575 million Canadian dollars – CAD (£367 million; 382 million euros; US$419 million) modernizing its Napanee, Ontario, plant “to meet the evolving and diverse needs of the electric vehicle (EV) and all-terrain markets”.
As all season tyres continue to grow their share of the total UK tyre market, Goodyear’s second-line Fulda brand has developed a range of tyres to handle all weather conditions in the Multicontrol and Multicontrol SUV. The all season MultiControl range combines German engineering excellence with high quality, innovation and value, designed to provide maximum grip, stability and performance in all weather conditions. In addition, Fulda is a brand with a history of more than a century, making it a particularly attractive addition to UK distributor Micheldever Tyre Services’ range.
Natural rubber produced at the Xilian Rubber Plantation, located in south China’s Hainan Province and run by China Hainan Rubber Industry Group Co. Ltd. is making its way around the world and even as far as leading global tyremakers.
Following the news that Yokohama Rubber will buy Goodyear OTR eight months after Goodyear put the business unit up for sale as part of its “Forward” rationalisation scheme, further details of the transaction have emerged. In short, Yokohama opted for a far lower valuation calculation in the purchase of Goodyear OTR than it did when buying Trelleborg Wheel Systems a year or so ago; has specifically gained Goodyear OTR brand rights; and the Goodyear Luxembourg OTR tyre operation does not form part of the sale to Yokohama.
During the course of July, we all witnessed a veritable landslide of changes. In turn, these developments have implications across European and even global markets. And yes, of course, there was also that small matter of a general election and a new Prime Minister in the UK (see page 36 of the forthcoming August edition of Tyres & Accessories). But that’s not what I am referring to here…
Like many of us, in July and August, I took some time out for a family holiday. Upon my return, I learnt that two particularly headline-grabbing news items had broken. Arguably the biggest and most wide-ranging news was Yokohama’s confirmation that it is buying Goodyear’s OTR business. Clearly, that development has strategic implications for both parties. The confirmation came on 22 July, 12 days after reports suggested Yokohama was in “advanced talks” with Goodyear to buy Goodyear OTR. Yokohama subsequently confirmed those reports, so it wasn’t a surprise that they would announce the news just under a fortnight later. Indeed, as we reported at the time, Tyres & Accessories learnt that several suitors had been involved in earlier talks relating to the purchase of Goodyear OTR about a month earlier than that.
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On the evening of 31 July, Goodyear presented its Q2 2024 financial results, some of which showed significantly improved operating results and profit margins. But this didn’t impress investors, who from the figures identified something of particular significance to the tyre maker’s future development. Analysts subsequently reported that Goodyear is cutting costs everywhere on its return to long-term profitability. This is starting to have an impact on sales, particularly in the US domestic market.
At the end of 2022, Goodyear extended its supplier/sponsorship contract for US motorsport series NASCAR, but at that time did not provide any further details on the duration of the agreement concluded with the eponymous National Association for Stock Car Auto Racing. A new GlobalData report on this motorsport competition, titled The Business of NASCAR 2024, indicates that the tyre maker’s NASCAR commitment extends from 2023 to 2027. What’s more, the data analysis specialist states that Goodyear’s NASCAR sponsorship will cost the company US$25 million a year during this period.
The Goodyear Tire & Rubber Company reported Q2 2024 results yesterday, announcing sales of US$4.6 billion for the three months to 30 June 2024, with tyre unit volumes totalling 40.1 million. Goodyear’s Q2 2024 net income was $85 million compared to a net loss of $208 million a year ago. The company attributes the year over year improvement to increases in segment operating income.
The Goodyear Tire & Rubber Company has appointed Mamatha Chamarthi senior vice president and chief digital officer. It also appointed Will Roland senior vice president and chief marketing officer. Both will report to chief executive officer and president Mark Stewart, from 1 August.
In a move related to its November 2023-unveiled Goodyear Forward transformation plan, The Goodyear Tire & Rubber Company intends to relocate 175 positions from its global headquarters in Akron, USA to Costa Rica. Doug Grassian, promoted earlier this month to become the tyre maker’s vice president of global communications, explained that the positions moving to Costa Rica support corporate functions and Goodyear’s business segment covering North and South America.
The IAA Transportation show will take place in Germany in less than two months’ time, and the exhibitor list includes many familiar names from the tyre industry. Two major manufacturers recently shared what they intend to highlight at the commercial vehicle, logistics and transportation trade fair.
HiQ Tyres & Autocare is expanding its HiQ2U mobile fitting service with 12 new vehicles. These additions to the fleet will service the needs of Enterprise Mobility in several areas of the UK, primarily the South East, Luton, Milton Keynes, and the Midlands.
A week and a half after confirming its interest in acquiring The Goodyear Tire & Rubber Company’s Off-the-Road (OTR) tyre business, The Yokohama Rubber Co., Ltd. has announced that it has entered into a purchase agreement valued at US$905 million in cash. Completion of the acquisition is conditional on the usual regulatory approvals and is expected to close by early 2025.
HiQ Tyres & Autocare has further extended its UK footprint with the inauguration of a new service centre in Bicester, an outlet it considers a “flagship” site for the brand. The new outlet is a continuation of the expansion occurring within the network, and since opening in May, it has experienced significant growth and has received overwhelmingly positive feedback from local customers.
As of 1 July 2024, Goodyear has combined its Australia/New Zealand (ANZ) and ASEAN businesses into a single cluster, ASEANZ. It has appointed Prashant Lal to lead the cluster as Managing Director. The company anticipates that this “strategic move” will bolster its rapidly expanding Asia Pacific business and leverage broader growth opportunities.
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Fulda