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Goodyear reports $101 million net loss in Q1 2023, EMEA cost cutting accelerated despite breakeven

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Despite a first-quarter 2023 net loss of $101 million, down $197 million compared with $96 million of positive income 12 months ago, Goodyear executives tried to shine a positive light on the US-based tyremaker’s latest financial results. Volumes may have been 3.2 million units lower than the same period last year at 41.8 million units, but net sales grew 1 per cent compared with the first quarter of 2022 and 4 per cent excluding foreign currency effects. And Goodyear EMEA is back to breakeven, but that wasn’t enough to avoid talk of accelerated cost-cutting measures.

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Related news:

  1. Goodyear to cut 5% of salaried staff globally, $80 million 4Q loss expected in EMEA
  2. Goodyear reports losses of $104 million in Q4 2022, points the finger at Europe
  3. Integration on-track: Goodyear reports 16% growth plus greater synergies from Cooper Tire acquisition
  4. Europe to bear 40% of Goodyear’s global job cuts
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Nokian Heavy Tyres lowering production – 160 workers affected

A week after parent company Nokian Tyres reported an operating loss of 18.8 million euros for the first quarter of the year, Nokian Heavy Tyres has announced commencing what it calls “change negotiations” to lower production at its Nokia, Finland plant in line with “the market and demand situation.” Approximately 160 employees are affected.

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  1. Finnish Pride: Nokian Heavy Tyres granted use of ‘Key Flag’ symbol
  2. Nokian Tyres building off-highway tyre R&D centre
  3. Land purchase secures future Nokian Tyres growth in Finland
  4. Nokian Tyres expands Nokia site
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Goodyear reports losses of $104 million in Q4 2022, points the finger at Europe

Goodyear

Goodyear reported net losses of $104 million (£85.81 million; 96.71 million euros) in its fourth-quarter 2022 results. By comparison, the same period of 2021 saw $553 million of income. Meanwhile, net sales grew six per cent to $5.374 billion in the period despite 3 per cent lower unit volumes compared with the same period in 2021.

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Related news:

  1. Goodyear to cut 5% of salaried staff globally, $80 million 4Q loss expected in EMEA
  2. Integration on-track: Goodyear reports 16% growth plus greater synergies from Cooper Tire acquisition
  3. Price mix contributed more to Goodyear EMEA 3Q figures than Cooper Tire sales
  4. Cooper Tire joins the Goodyear team
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Goodyear mulling ‘partial unemployment’ in Luxembourg

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In the absence of specific information regarding Goodyear’s plans to cut 5% of its salaried workforce worldwide, uncertainty exists as to where the axe will fall. But it appears Luxembourg has been spared the worst, with media firm RTL Luxembourg reporting that Goodyear has “no official plans” to make staff redundant there. But this doesn’t mean they’ll be entirely unaffected by the tyre maker’s belt-tightening.

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Related news:

  1. Fast small-batch production: Goodyear opens Luxembourg facility
  2. Goodyear’s Cooper integration: Almost 500 jobs to go
  3. Luxembourg: Goodyear investing in OTR tyre production
  4. Dynamic simulator for Goodyear’s European test centre
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Goodyear job cuts: Unanswered questions in the UK and EMEA tyre markets

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Goodyear

Goodyear’s decision to cut 5 per cent of its global salaried employees is shocking enough for the firm’s 72,000-strong worldwide workforce. However, the fact that senior executives directly linked that decision to the company’s worse-than-expected performance in the EMEA region (Europe Middle East and Africa) is giving employees in those countries extra cause for concern.

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  1. US lawmakers criticise Goodyear over Mexico factory
  2. Giti enters the top 10 of leading tyre manufacturers
  3. Zhongce Rubber enters global top ten tyre manufacturers
  4. Cooper Tire joins the Goodyear team
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German rubber sector union demanding higher wages

In what may be a poorly timed coincidence the announcement of a notable reduction in Goodyear’s global workforce came just days after the union representing many employees in Germany confirmed demands for more money. On 25 January, union IG BCE shared details of upcoming negotiations on behalf of 25,000 rubber sector workers, naming Goodyear as one of the “large companies” it represents. The union’s income wishlist includes a cost of living pay rise and one-off inflation bonus.

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  1. U.S. Senator to Goodyear: Workers are ‘tired of this corporate race to the bottom’
  2. Goodyear announces Germany savings, plans for similar measures in USA
  3. Aachen tyre plant: Continental blocking potential investors, says union
  4. Fintyre Group employee pay ‘coming’, restarting business operations a priority
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Michelin cutting up to 2,300 jobs in France

Tyrepress.com / Stephen Goodchild

Michelin has announced its intention to “evolve” its activities in its France by means of a three-year competitiveness plan covering all of its manufacturing, corporate and administrative operations within the country. The company is taking this step as a response to “profound, structural shifts in the global tyre market” over the past decade that have been “led by the massive influx of low-cost products.” The plan could see up to 2,300 of the 20,000 Michelin jobs in France cut over the coming three years.

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  1. Michelin to close truck tyre factory in France
  2. Michelin lays foundation stone for R&D centre upgrade
  3. TREC: Michelin partners to extract alcohol and rubber from used tyres
  4. France: Michelin, unions agree on support programme for redundant employees
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Aachen tyre plant: Continental blocking potential investors, says union

Strong words from one of the unions representing workers at the Continental tyre factory in Aachen, Germany. Speaking with Munich-based newspaper Süddeutsche Zeitung, IG BCE trade union chairman Michael Vassiliadis stressed that the planned job cuts “will be expensive”. He also claimed that Continental has turned away potential investors.

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Related news:

  1. Continental to expand restructuring programme to save 1 billion euros by 2023
  2. Axing for the sake of axing: Unions denounce closure of profitable Continental tyre plant
  3. France: Michelin, unions agree on support programme for redundant employees
  4. Continental shares set to continue outperforming estimates in 2021 – analysts
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Continental to expand restructuring programme to save 1 billion euros by 2023

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Continental AG

Continental is expanding the restructuring programme it initiated in 2019. The company is adding further measures to cut costs and increase efficiency to its Transformation 2019-2029 programme. The tyre manufacturer wants to achieve gross annual savings of more than 1 billion euros by 2023. This is significantly more than previous targets – in fact more than doubling the initially quoted figure. In total it expects the changes to affect more than 30,000 jobs worldwide. Its workers in Conti’s domestic market in Germany will be the largest part, with 13,000 affected jobs. A further major proportion will be in countries with high labour costs. Conti says these jobs will be modified, relocated, or made redundant. Conti says the programme aims to ensure its viability and strengthen global competitiveness in the long term.

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Related news:

  1. Continental announces major organisational realignment
  2. Supervisory Board approves Continental realignment
  3. Job cuts, changes: Continental responds to evolving automotive market
  4. Revisiting the past for a better future – Continental looks at Nazi era activities
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McLaren Group to cut 1200 jobs

McLaren

Supercar manufacturer and historic Formula 1 competitor McLaren is expected to cut 1200 jobs, according to UK news reports. The redundancies, which amount to more than a quarter of its 4,000-strong workforce, represent the UK company’s response to the damage inflicted by the coronavirus pandemic on the car sector. Staff reductions are expected to be spread across its road car, F1 and Applied Technologies divisions.

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  1. Top Pirelli Performance centres get a tour of McLaren
  2. 80 supercars line up at Salon Privé for Pirelli Prestige & Performance Competition
  3. 275 jobs ‘at risk’ at Sensata Northern Ireland TPMS sensor plant
  4. Pirelli ‘investigating’ failed tyres after dramatic Silverstone British Grand Prix
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Job cuts, changes: Continental responds to evolving automotive market

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More than eight per cent of Continental’s current global workforce may be affected by measures introduced over the coming decade to reduce its gross costs by 500 million euros a year from 2023. Continental says up to 20,000 jobs worldwide are expected to be affected by this restructuring programme over the coming ten years; around 15,000 of these by the end of 20

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Related news:

  1. Continental to expand restructuring programme to save 1 billion euros by 2023
  2. Continental announces major organisational realignment
  3. Supervisory Board approves Continental realignment
  4. Conti CEO warns staff of job cuts
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275 jobs ‘at risk’ at Sensata Northern Ireland TPMS sensor plant

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As many as 275 jobs at Sensata Technologies (formerly known as Schrader International before the TPMS sensor business was bought by Sensata) are at risk after it was announced that 125 are being axed at the factory in Carrickfergus, Northern Ireland.

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Related news:

  1. Sensata cutting 160 jobs in Northern Ireland
  2. Schrader group sold to Sensata for US$1 billion
  3. Cyber security comes to the fore
  4. Myers Tire Supply adds three TPMS packages
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