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.
In response to a request for information from regional public broadcaster SWR, the public prosecutor’s office (Staatswanwaltschaft) in Koblenz, Germany has confirmed that tyre damage caused the accident which claimed the lives of two Goodyear associates at the Nürburgring last August. The office told SWR an expert has established that the right rear tyre was damaged before the fatal collision.
There was no win for Team De Rooy, equipped with Goodyear Offroad tyres and the tyre supplier’s TPMS, after 14 demanding days across Saudi Arabia in the Dakar 2024 Rally, but the team celebrated a solid performance, showing resilience, skill, and determination. All three Team De Rooy trucks completed all the stages of the challenging course, assisted by the Goodyear Offroad tyres’ traction and durability on challenging terrains. The integration of Goodyear TPMS played an important role in monitoring tyre pressure and temperature in real time, allowing the team to make dynamic adjustments and respond swiftly to evolving road conditions.
Goodyear has appointed Maximilian Weber to lead its truck tyre sales in Germany, Austria and Switzerland. As Sales General Manager Commercial DACH, Weber continues a career with Goodyear that began in 2008 and has seen him take on roles of increasing responsibility, most recently as Sales General Manager Consumer for Goodyear’s car tyre business in the Benelux region.
Goodyear’s fourth-quarter 2023 sales decreased 4.8 per cent compared to the previous year driven by “the impact of lower replacement volume and lower third-party chemical sales”. That and other factors resulted in a fourth-quarter 2023 net loss of $291 million compared to a net loss of $104 million – 180 per cent worse than the figure a year ago.
Last September, The Goodyear Tire & Rubber Company approved a “rationalisation plan” for its operations in Australia and New Zealand, an overhaul that involves divesting or closing 100 retail and fleet locations and nine warehouses. With Australian media reporting that negotiations for a sale have faltered, the number of retail sites to close may end up being more than this quoted figure.
Days after the European Commission announced that it is investigating a number of leading tyre manufacturers in relation to allegations of price-fixing, the same companies have become the subject of a similar class-action lawsuit in the USA. The class action relates to “…purchases of tyres within four years prior to the filing” – which clearly relates to a potentially enormous number of tyres. The case basically alleges that the named tyremakers colluded to raise and sustain higher tyre prices and that such action was at least partly facilitated via public communications. The named tyremakers have all already denied price fixing and stated their compliance with the law and their cooperation with investigations in relation the EC investigation.
The Goodyear Tire & Rubber Company has named Greg Shank as senior director of Investor Relations (IR). He reports to Christina Zamarro, executive vice president and Chief Financial Officer (CFO).
Not only is Goodyear expanding its Eagle F1 Asymmetric 6 range to better cover growing demand from SUV drivers in the premium tyre segment, the company also aims to meet budget segment SUV demand with its Sava brand. From January 2024, 15 additional sizes join the Sava Intensa SUV 2 range.
The share prices of Bridgestone, Continental, Goodyear, Michelin, Nokian and Pirelli were down by an average of 2.35 per cent following the news that the European Commission has started an antitrust investigation within the European Union.
McConechy’s Tyres Coatbridge has gained a Goodyear TruckForce Award, an accolade that “recognises the exceptional service provided by TruckForce partners on a quarterly basis.” Goodyear honoured McConechy’s, which is part of Halfords Commercial Fleet Services, for its dedication and professionalism.
Unannounced inspections, investigations, visits, raids. Whatever you call them, having the European Commission come knocking uninvited is not how any tyre manufacturer wants to start 2024. Nevertheless, that is exactly what happened at the tail-end of January across “several member states” within the European Union.
Following the news that the European Commission has opened a price-fixing investigation across “several member states”, Michelin has officially confirmed that it too has been investigated as part of EC antitrust case. Nokian, Goodyear, Continental, Pirelli and Bridgestone have also been investigated as part of the EC case.
No less than 95 new SKUs will join the Goodyear Eagle F1 Asymmetric 6 range in the coming weeks and months. Announcing the new sizes, Goodyear says it will particularly focus on 19-inch and larger rim diameters, catering to growth in the SUV market across Europe.
Yesterday the European Commission announced it was “carrying out unannounced inspections at the premises of companies active in the tyres industry in several Member States.” So far, we’ve learned that Bridgestone, Continental, Goodyear, Michelin, Nokian Tyres, and Pirelli received visits from EC officials.
Following the news that the European Commission is investigating tyre manufacturers across Europe for anti-competitive practices, we now know that at least Nokian, Continental and now Goodyear have been visited.
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