Goodyear appoints Siu to BoD
Hera Kitwan Siu, chief executive officer, Greater China, for Cisco Systems, Inc., has been elected to the board of directors of The Goodyear Tire & Rubber Company.
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U.S. Senator to Goodyear: Workers are ‘tired of this corporate race to the bottom’
The U.S. Senator representing the home state of Goodyear Tire & Rubber Company has written to the tyre maker, imploring it to improve the renumeration and treatment it gives workers at its plant in San Luis Potosí, Mexico. Sherrod Brown, Senator for Ohio, urged Richard Kramer, Goodyear’s chairman, president and chief executive officer, to “take immediate steps” to improve both. He also criticised Goodyear’s decision to recently prevent Members of the United States Congress from touring the facility.
Goodyear: Drop in OE demand muzzles H1 2019 performance
There’s little good news to be found in the latest financial results from Goodyear Tire & Rubber. Sales and unit volumes were lower in the first half of this year, respectively dropping 5.7 per cent to US$7.2 billion and 3.3 per cent to 75.4 million units. The tyre maker also reported a net loss of US$7 million for the six months to 30 June 2019, a contrast to the net income of $232 million announced a year earlier; this result includes several significant items, most notably $107 million in rationalisation charges that are primarily related to modernisation plans and layoffs at two tyre plants in Germany.
Goodyear: Q3 2018 results
Goodyear Tire & Rubber has reported Q3 2018 sales of US$3.9 billion, slightly up on a year earlier; improved volume, price/mix and higher sales in other tyre-related businesses were “substantially offset” by unfavourable foreign currency translation.
Newest Goodyear blimp to be ‘christened’ on 30 August
Goodyear Tire & Rubber has selected Shaesta Waiz, the youngest woman to fly solo around the world in a single-engine aircraft, to christen Wingfoot Three. The ceremony for this latest addition to the Goodyear blimp fleet will be held on 30 August at Goodyear’s Wingfoot Lake Hangar.
Goodyear: Raw material prices drive down income in Q1 2018
Goodyear Tire & Rubber reports that its sales in the first quarter of 2018 were, at US$3.8 billion, four per cent higher than those a year earlier, even though tyre unit volumes were down 2.5 per cent year-on-year to 39 million. Segment operating income was down in the first quarter, however, declining 28 per cent from $390 million a year ago to $281 million. Goodyear says this decrease was driven by the impact of higher raw material costs.
Goodyear reports Q4, 2017 results
The Goodyear Tire & Rubber Company has reported results for the fourth quarter of 2017 as well as for the entire year.
Global Goodyear revenue stable, net income down on higher prices, lower volume
The Goodyear Tire & Rubber Company has reported sales of $3.9 billion in the third quarter of 2017. This figure is up from $3.8 billion year-on-year, largely attributable to improved price/mix, which saw revenue per tyre rise five per cent over the 2016 quarter, excluding the impact of foreign currency translation. Tyre unit sales were down five per cent in total, with original equipment down nine per cent and replacement down four per cent.
Goodyear names new CTO
Effective 1 September, Christopher Helsel will take over as chief technology officer at the Goodyear Tire & Rubber Company, and additionally take on the role of vice-president. Helsel, who currently serves as director, North America commercial and global off-highway technology, succeeds Joe Zekoski as chief technology officer.
Goodyear: Sales, income down again in Q2 2017
A combination of raw material cost volatility, a challenging competitive environment and weakening demand in certain segments and markets have resulted in another quarter of lower net sales and income for Goodyear Tire & Rubber. In the three months to 30 June 2017, net sales declined 5.0 per cent to US$3.69 billion while operating income was down 32.0 per cent to $361 million. Net income dropped 26.7 per cent to $147 million ($0.58 per share), with adjusted net income amounting to $177 million ($0.70 per share), down 43.6 per cent from a year earlier.
Goodyear becomes uniform sponsor to NBA’s Cleveland Cavaliers
The Cleveland Cavaliers, currently the defending champions in the USA’s National Basketball Association, hail from the state in which The Goodyear Tire & Rubber Company is based. And upon entering into a multiyear sponsorship agreement with the Cavaliers, the Ohio-based tyre maker spoke of “home-state pride.” The deal, announced yesterday at the Cavaliers’ home arena, will see the Goodyear Wingfoot logo appear on player uniforms from the 2017-18 season.
Goodyear: Q1 2017 income restrained by higher costs, lower demand
The Goodyear Tire & Rubber Company has reported its results for the first quarter of 2017, and these show unit volumes and income to be slightly down compared with the same quarter a year ago. Richard Kramer describes the latest results as “a great outcome given an environment of rising raw material costs and weaker demand.” The chairman, chief executive officer and president adds that Goodyear’s Q1 performance “is a result of the disciplined execution of our strategy.”
Goodyear benefitting from tyre industry trends, says Kramer
During the company’s annual shareholder meeting yesterday, Richard Kramer stated that trends within the global tyre industry are playing to Goodyear Tire & Rubber Company’s strengths and its strategy to drive profitable growth. This growth, he added, is best represented within the consumer tyre business by the rising demand for tyres with 17-inch and larger rim diameters – the market for this segment has doubled since 2010 and is expected to double again by 2020.
Goodyear reports $1.3b net income for 2016
The economically-teetering country of Venezuela was a recurring theme in Goodyear Tire & Rubber’s 2016 financial report. The tyre maker’s deconsolidation of its subsidiary in that country drove down both sales and unit volumes for the year, however the measure had a more favourable impact upon Goodyear’s bottom line.
Expansion of Goodyear tyre plant in China begins
When Goodyear Tire & Rubber announced plans last month to close its Philippsburg tyre plant in Germany, the company gave increasing demand for larger rim diameter tyre sizes – and a lack of infrastructure for producing these in Philippsburg – as a justification for the decision. Rather than invest in new equipment for the factory, Goodyear has decided to increase capacity for larger tyre sizes elsewhere in the world. Today, the tyre maker announced it has broken ground on a US$485 million expansion of its facility in China’s Pulandian district. Goodyear chairman, chief executive officer and president Richard J. Kramer took part in a ceremony with Lu Lin, deputy mayor of the city of Dalian.
