Goodyear sales significantly up after Cooper merger completed
Goodyear has increased operating income considerably in the second quarter of 2021, thanks in part to its merger with Cooper Tire, completed on 7 June. Net income totalled $67 million (£48.45 million at today’s exchange rate $1.00 = £0.72) versus a loss of $696 million (£503 million). Second-quarter sales were $4 billion (£2.89 billion), a rise of 86 per cent versus the second quarter of 2020, which was heavily affected by the Covid-19 pandemic. In the year to date, Goodyear has sold 40 per cent more tyres than in the same period of 2020, with both replacement tyres (41 per cent) and original equipment tyres (39 per cent) assisting in this rise. Cooper sales between the merger completion date and 30 June (the end of the second quarter) totalled $256 million (£185 million). This figure excludes calculations relating to Cooper inventory and assets.